Snapchat owner to cut more than 120 engineers
Snapchat owner Snap Inc will cut just over 120 engineers and reorganise its engineering team, a company memo said on Thursday.
The maker of the Smartphone app known for popularising disappearing messages 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.
According to the memo from Jerry Hunter, senior vice president for engineering, the Southern California Company will offer a package of benefits to those being laid off.
The layoffs were earlier reported by news website Cheddar.
According to the memo, Snap has scheduled a staff meeting for March 14 to explain the reorganisation and answer employees’ questions.
“The shakeup will unify the entire engineering organisation as a single team,’’ Hunter wrote. (Reuters/NAN)