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Snap confirms layoff of 120-plus engineering workers; shares -1.7%

Mar. 08, 2018 1:05 PM ETSnap Inc. (SNAP) StockSNAPBy: Jason Aycock, SA News Editor38 Comments
  • Snap (SNAP -1.7%) confirms a report of layoffs from yesterday, saying it will lay off "just over 120" workers.
  • Those layoffs are landing on the engineering department, just a month after rolling out a redesign of flagship product Snapchat.
  • That hits about 10% of the engineering department.
  • "Having high-performance, technically excellent, and appropriately aligned teams will be critical to building both a compelling product and a compelling culture for engineers," engineering head Jerry Hunter said in a note to employees, adding a streamlined team will keep a "high technical bar."

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