Snap laying off roughly 100 engineers: report
Snap Inc., the company behind the popular photo-sharing app Snapchat, is laying off about 100 of its engineers.
The layoffs amount to nearly 10 percent of Snap’s engineering staff and the company’s largest round of cuts yet. The business news website Cheddar reported the staffing cuts earlier Wednesday.
The layoffs are expected to be announced internally this week, according to Cheddar. The news outlet said the company declined to comment.
The company laid off about two dozen employees last year, and roughly two dozen again in January. But the most recent round of layoffs are the first to affect Snap’s engineering staff.
At the end of 2017, Snap reported having 3,069 employees, according to Cheddar.
According to CNBC, Snap said in its first annual filing this year that it expected “headcount growth to continue for the foreseeable future.”
The company went public last year, but its stock has struggled to stay above its initial $17 offering price.
The company unveiled a sweeping redesign of Snapchat last month, a change that was widely panned by users.