Snap Inc is restructuring its leadership team for certain markets, including Europe, Middle East and Africa, as it plans to lay off around 1,200 of its staff due to poor financial results.

The social media company announced on Wednesday that it will lay off 20% of its workforce. The job cuts, which are expected to save $500 million in annual costs, were revealed after Snap's year-over-year revenue growth of 8% in the third quarter fell below expectations.

"Unfortunately, given our current lower rate of revenue growth, it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses," Snap CEO Evan Spiegel said in a note to employees.

Leadership changes

Along with the job cuts, Spiegel said Snap is also reorganising its team "to better meet the challenges of the current macroeconomic environment".

As part of the changes, the company is creating a new president role in each of the EMEA, Americas and Asia-Pacific regions, with Ronan Harris, Vice President and Managing Director of UK & Ireland at Google, joining Snap as President for EMEA, beginning October.

The company is still looking for President for its operations in APAC and Americas.

Snap has also appointed Jerry Hunter as Chief Operating Officer effective Wednesday. He will lead the company's monetisation efforts across EMEA, APAC and Americas.

He previously served as Snap's Senior Vice President, Engineering.

Last month, Snap announced plans to open a new office in Doha, Qatar to expand its footprint in the Middle East and North Africa (MENA) region.

(Reporting by Cleofe Maceda; editing by Daniel Luiz )