iWorld
Sandeep Bhushan logs out of Meta after seven years
Mumbai: Meta’s director business group India Sandeep Bhushan has announced his decision to move on from the tech conglomerate. Bhushan took to LinkedIn to announce that he will be moving on from the company before the end of this year.
“I want to share that later this year I will be leaving Meta to start the next phase of my professional life,” he wrote.
Although he did not disclose his future plans, he mentions that having completed 25 years of his professional journey this month, he is keen to go deeper into the social sector and “build new learning muscle” that can guide his contribution over the next 25 years.
Bhushan further added, “I will be on a listening and reflection tour for a while as I plan the details ahead. Before that, I will be at Meta for the next few months to extend all possible transition support to Ajit Mohan and the team for their ambitious plans for Meta’s social and business impact in India.”
Prior to taking on the role of director at Meta business group India, Bhushan was serving as the director and head of global marketing solutions India for six years.
Furthermore, he is also an invitee to the Board at the Advertising Standards Council of India, in addition to being a board member at MMA APAC.
He has also worked with companies such as Samsung Electronics, HT Media, and Hindustan Unilever towards the beginning of his career.
iWorld
Snapchat parent Snap cuts 16 per cent of workforce in AI-driven restructuring
The Snapchat parent is axing around 1,000 jobs and closing 300 open roles to save $500m, as artificial intelligence makes smaller teams the new normal
CALIFORNIA: Snap is snapping. The Snapchat parent has confirmed plans to cut around 1,000 employees, roughly 16 per cent of its full-time workforce, as it bets that artificial intelligence can do what headcount once required. Shares jumped more than 10 per cent in premarket trading on the news, a brisk vote of confidence from a market that has watched the stock shed about 31 per cent this year.
The restructuring, which also closes more than 300 open roles, follows pressure from activist investor Irenic Capital Management, which holds an economic interest of about 2.5 per cent in the company and has been loudly pushing Snap to tighten its portfolio and lift performance. The firm got what it asked for, and then some.
Chief executive Evan Spiegel told employees the cuts would reduce annualised expenses by more than $500m by the second half of the year. The company expects to incur charges of between $95m and $130m related to the layoffs, mostly severance, with the bulk landing in the second quarter. Staff in Snap’s North America team were asked to work from home on the day of the announcement.
The financial backdrop is not without bright spots. Snap expects first-quarter revenue to rise around 12 per cent to approximately $1.53 billion, broadly in line with analyst estimates. Adjusted core profit for the January to March quarter is forecast at about $233m, comfortably ahead of Wall Street’s expectation of $186.8m.
The harder question surrounds Specs, Snap’s augmented reality smart glasses subsidiary, which Irenic has urged the company to spin off or shut down entirely. The unit has absorbed more than $3.5 billion in investment and burns through approximately $500m in cash annually. Snap is pressing ahead regardless, with a consumer product expected later this year, even as Meta leads the market in the segment.
Spiegel is betting that leaner teams, smarter machines and a consumer AR play can restore Snap’s credibility with investors who have run out of patience. The redundancy notices have gone out. The harder restructuring, the one that requires a hit product rather than a headcount reduction, is still very much pending.
