Snap Inc. Cutting 120 Engineers
CBJ — According to a report from Reuters, Snap Inc. will cut just over 120 engineers and reorganize its engineering team.
The maker of the smartphone app called Snapchat is known for its disappearing messages but has been under increased pressure from investors to reduce costs after revenue fell short of analyst expectations during Snap’s first year as a publicly traded company.
The Southern California company will offer a package of benefits to those being laid off, according to the memo from Jerry Hunter, senior vice president for engineering.
The layoffs were earlier reported by news website Cheddar.