Editor
Snap shares rose as much as 15% after it confirmed reports it will cut 20% of its more than 6,000-person workforce and said it will scrap several projects, including its Pixy photo-taking drone and its lineup of Snap Originals premium shows.
CEO Evan Spiegel announced the moves in a memo Tuesday, and told employees the company needs to restructure its business to deal with its financial challenges. He said the company’s current year-over-year…
