Snapchat parent cuts 7 percent of its global workforce in March; says will lead to $25 mn in saving
Snapchat said it would incur about $10 million of cash expenditure due to severance costs to be reflected in the current quarter ending March 31. As a result of the layoffs, primarily in its engineering and sales teams, the company said it sees savings of about $25 million in 2018. The company had said it had 3,069 employees as of Dec. 31, 2017, according to its annual filing
Snapchat parent has been under pressure from investors to reduce costs after revenue fell short of analyst expectations during Snap`s first year as a publicly traded company.Image source: Reuters