Snap to cut 20% of staff, cancel projects in cost-cutting effort

FILE PHOTO: The Snapchat app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Snap Inc said on Wednesday it will lay off 20% of all staff and shut down projects, including mobile games and novelties like a flying drone camera, as high inflation and a deteriorating economy ravage the advertising industry.

The cuts will help the company save an estimated $500 million in costs annually, Snap said.