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Parent of Snapchat cuts 6 percent of global personnel in March
(MENAFN) Snap Inc has declared on Friday that it has cut 7 percent of its global employees in March, as disclosed by it in a regulatory filing.
According to the company, it would acquire about USD10 million of cash spending due to separation costs to be reflected in the current quarter ending March 31.
As a result of the layoffs, primarily in its engineering and sales teams, the company said it expects savings of about USD25 million in 2018.
The Snapchat parent 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 company, it would acquire about USD10 million of cash spending due to separation costs to be reflected in the current quarter ending March 31.
As a result of the layoffs, primarily in its engineering and sales teams, the company said it expects savings of about USD25 million in 2018.
The Snapchat parent 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.
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