- 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."