Latest in Business

Image credit: Lucas Jackson / Reuters

Snap lays off over 100 employees from its engineering team

120 engineers are being let go.
161 Shares
Share
Tweet
Share
Save
Lucas Jackson / Reuters

For the second time this year, Snap is laying off employees. The company confirmed to Recode and Engadget that it plans to let go of over 120 engineers in the next few days, which is about 4 percent of its around 3,000-person workforce.

The company's first round of layoffs this year axed 22 employees in the middle of January, preceding admissions of human resource difficulties during Snap's Q4 earnings report in early February. The company had hired 2,400 people in the last two years, about 100 per month, and CEO Evan Spiegel said that the company planned to moderate team growth in 2018 and "will continue to make the necessary changes to ensure that everyone at our company is aligned with our values," he said at the time.

Bloomberg's reported last week that the company's employees wouldn't be receiving cash bonuses after missing internal goals, so this round of layoffs could be related to Snap's readjusted expectations. In an email sent to all employees that was acquired by Recode, Snap VP of Engineering Jerry Hunter reportedly wrote: "We want to unleash speed and productivity in our organization, while keeping a high technical bar. That required us to think carefully about the shape of the organization, and where each member of our team fits." Snap did not comment further on the layoffs.

Update 3/8/18 3:01PM ET: This post has been updated with confirmation from Snap.

From around the web

ear iconeye icontext filevr