Snap (SNAP) is the subject of today’s FOMO segment. In this segment Jenny Horne and Caroline Woods discuss Snap Inc’s (SNAP) announcement that it is cutting 1200 jobs or 20% of its workforce. SNAP gained on the restructuring news. According to CEO Evan Spiegel revenues for the current quarter are tracking at an 8% year-over-year gain, well below expectations. Snap stock (SNAP) jumped premarket after the announcement and was trading up ~9.5% around $11/share Wednesday midday.
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