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Social media giant Snap announced 20% layoffs this week, leading the Web3 team to become a casualty of that move.

The company’s second-quarter earnings missed expectations, with the growth rate at its slowest rate in five years.

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Second-quarter revenue of $1.11 billion, while up 13% from a year earlier, was well below the company’s previous forecast of 20% to 25%.

Snap Web3 team co-founder Jake Sheinman announced his departure from the company on Thursday, writing in his Twitter post:

“As a result of the company restructure, decisions were made to sunset our Web3 team。”

Snap is not as serious about Web3 as other tech companies such as Meta, but Snap is not very interested at the moment, at least Web3 is not its priority.

Snap CEO Evan Spiegel (Evan Spiegel) listed three strategic priorities, namely community growth, revenue growth, AR, some investment projects do not match their vision.

He added that:

“The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long-term future and reaccelerate our revenue growth.”

Many people believe that Web3 will be the next generation of the Internet, but Snap has little interest right now, at least Web3 is not its priority.

This week, Snap announced 20% layoffs, and investment in some projects has shrunk significantly. Snap CEO Evan Spiegel listed three strategic priorities, namely community growth, revenue growth, AR, and some The investment project does not match its vision.

The Web3 team was laid off because the early exploration of the Web3 space did not directly contribute to Snap priorities and AR investments, and did not meet the current company team goals.

Image source: Shutterstock

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