Layoffs to save $34 million annually: Snap
Snap made the disclosure in a securities and exchange commission filing, technology website Variety reported late on Saturday. Earlier in the week, Snap confirmed that it laid off about 100 employees, with the cuts mostly affecting its sales team. This third round of layoffs came after Snap cut the jobs of a couple dozen employees across its hardware and recruiting divisions in 2017. This was followed by two dozen more cuts in January
Snap slowed its hiring rate by nearly 60 per cent last quarter and reported having 3,069 employees at the end of 2017. Image source: Twitter