Snapchat will lay off 20% of its staff and shut down a string of new projects.
About 1,200 employees will lose their jobs in the restructuring which had been expected after a year of poor financial results.
The company was worth US $130 billion a year ago. It's now valued at less than US $20 billion.
Snapchat said the cuts would help the company save an estimated US $500 million in annual costs.
The company's CEO said the changes would be "difficult".
Source: BBC
