By Jamie Barrie S nap Inc in efforts to control costs recently reduced its workforce by another 18 jobs. These recent cuts were from its recruiting division which should be no surprise the company laid off about a dozen staffers last month in hardware marketing. Snapchat’s parent has plans to slow hiring in 2018 after a period of rapid growth which saw the company expanded from 600 employees at the end of 2015 to 2,600 last quarter.
The reason behind the layoffs seem to point to the company’s stock price not regaining value and continuing the fall below its $17 IPO price from earlier this year in March.
The latest layoffs equal less than 1 percent of Snap’s total workforce. A spokesperson said the slowdown in hiring was “logical” given how fast the company has grown. The spokesperson for Snap did not mention if additional layoffs are coming.
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OCTOBER 2017 • SPOTLIGHT ON BUSINESS MAGAZINE
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