Snap, the parent company of Snapchat, is laying off approximately 20% of its staff, CEO Evan Spiegel confirmed in a memo on Wednesday. In addition to job cuts, multiple projects have been scrapped ...

The company also plans to scrap many of its projects, including its Pixy photo-taking drone and lineup of Snap Originals premium shows, as part of its cost cutting measures.

UPDATED: At its first investor day conference, Snap outlined a bullish future for the Snapchat app — with senior execs saying they expect the company to generate 50% revenue growth over the next ...