Snap’s Shares Dive After Layoff News

 

Shares of Snap slid .3% after news broke of its plan to layoff about 100 engineers.

These layoffs would be Snap’s largest yet and the first to hit the company’s engineers.

The company has seen several rounds of layoffs in recent months in its marketing, recruiting and content divisions.

The company rolled out a redesign of its flagship app “Snapchat” in January in an effort to increase user engagement.

The redesign separated publisher content from content posted by friends and connections.

Snap slowed its hiring rate by roughly 60% last quarter and reported having 3,069 employees at the end of 2017.

Snap withheld cash bonuses from employees at the end of 2017 because of failure to meet companywide goals.