3/31, 3:29 AM (Source:
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Chart for: Snap Inc.

Snap cuts workforce by 7%, to save $25M

Social media company Snap, Inc. said it cut 7% of its workforce across the globe, according to a report filed with the United States Securities and Exchange Commission (SEC). Engineering and sales teams were mainly hit by layoffs.

"As a result of the reduction in force, we expect to recognize savings of approximately $25 million in 2018 and $34 million on an annualized basis related to salaries and payroll taxes. The charges associated with this reduction in force are not material to our consolidated financial position or results of operations," the Snapchat parent stated.

Snap, Ink ended the previous trading session 0.50% in the red. In the period of one month, the social media platform's shares were down 8.37%.

Breaking the News / BM