(NewsNation) — Snap Inc. and Bed, Bath and Beyond both announced impending layoff at their companies as they both continue to wade through a difficult 2022.
Bed, Bath and Beyond stock fell on the market again on Wednesday, dropping a whole $2.53 to $9.53 a share. The company announced it will be closing 150 stores and will cut 20% of its staff.
Snapchat also announced it is cutting 20% of its staff in an effort to lower expenses while its ad revenue continues to decline. Snapchat lost 43% of its value when its stock cratered in May.
“Both of these companies are going through a tough time,” said Dan Roccato, an economics professor at the University of San Diego. “Snap has the flu; Bed, Bath and Beyond, they’re on life support at the moment. These are companies that are really challenged, especially Bed, Bath and Beyond, with shifting consumer tastes.”
Roccato’s full analysis of the moves by Snapchat and Bed, Bath and Beyond can be viewed in the video above.