Snap, Inc. is making headlines again, but not necessarily in a good way. On Thursday, according to sources close to the matter, Snap’s lab for manufacturing hardware, like its Spectacles video-camera glasses, cut some jobs after switching leadership in early September.
The Venice, California-based company has confirmed that Steve Horowitz, who was in charge of the hardware lab, will be transitioning to a role in a different part of the company. Mark Randall, who previously worked under Horowitz, will be the lab’s new leader. According to a person familiar with the matter, roughly 12 people lost their jobs.
It’s interesting Snap, Inc. (NYSE:$SNAP), which owns the Snapchat app, decided to make these cuts as the tech company is always making the case that it is more than just an app maker, and it plans to change the way media is created by manufacturing advanced camera products, like Snap’s Spectacle glasses, which is produced at the lab.
Recently, analysts warned against buying into a hot streak Snap was experiencing, predicting the stock would slow down, with some even calling the company ‘doomed’. Yesterday the stock dropped 3.8 percent, seemingly confirming analysts’ fears.
Since its March IPO, Snap’s stock has dropped 19%.
Featured Image: twitter
