Snap’s business has lately suffered on two fronts: The first is Apple’s implementation of the “Ask App Not to Track” prompt, to which an estimated 70% of iPhone customers have said “Yes,” making it more difficult for firms like Snap to target their adverts as efficiently. The second aspect is the larger economic slump, which has harmed the stock prices of Snap and other cash-burning firms in particular. Since going public in 2017, Snap has only had one profitable quarter.
Snap last let off employees in 2018, when the company was still dealing with the aftermath of a botched Snapchat revamp. Its user base has now increased to 347 million daily users, surpassing Twitter.
