Snap reportedly laying off 100 engineers

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  • According to CNBC and Cheddar, Snap is about to layoff around 100 of their engineers, roughly about 10 percent of their engineering team, in another round of layoffs.

    The layoffs would be Snap’s largest yet and the first to affect their engineers, as reported by CNBC.

    If the reports are correct, this would be the company’s fourth round of layoffs in a year.

    As of December 31st 2017, Snap has 3,069 employees, according to their 10-K filing with the SEC.

    While the reason for the potential layoffs is not clear at the moment, it may be a way to remove underperformers. Snap did not give out end-of-year bonuses last year as employees “didn’t beat internal goals,” according to Bloomberg.

    Despite the reports of the layoffs, investors don’t seem to be worried, with their stock going up around 2.5 percent on Wednesday before the news broke, before dropping down close to Tuesday’s closing price.

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