You will be redirected back to your article in seconds

Snap Lays Off Recruiters as It Prepares for Slower Hiring (Report)

Snapchat corporate parent Snap Inc. has laid off 18 people from within its recruiting division this week as it prepares for slower hiring next year, Business Insider reported Friday. News of the layoffs comes just weeks after the company laid off about a dozen people from the team that built its Spectacles wearable product.

Snap confirmed the layoffs, but declined to comment further.

News of the recruiter layoffs comes after Snap CEO Evan Spiegel reportedly told staff in an email that it would slow down its hiring in 2018. Snapchat tripled its headcount in 2016, ending the year with 1859 staffers. The company said during its most recent earnings call in August that it employed “approximately 2600” staffers at the time.

By slowing the pace of hiring, Snap is likely looking to control costs and appease investors after coming under pressure for lower-than-expected earnings in recent months. The company generated revenue of $181.7 million during its most recent quarter, which was less than analysts had expected. Its stock fell below $12 in August, and has since somewhat recovered to trade at $15.50, or $1.50 below its IPO pricing.

Snap laid off about a dozen members of its hardware team in September. The team had been key to the development of its first Spectacles wearable product. However, Spectacles have not exactly been a huge success for Snap. Snap sold fewer than 42,000 units of the product in Q2, with sales declining roughly 30% quarter-over-quarter.

More Digital

  • T-mobile - Netflix - John Legere

    T-Mobile Passes Netflix Price Hike Through to Subscribers

    T-Mobile is getting ready to raise prices for subscribers who have taken advantage of its “Netflix On Us” promotion: The mobile carrier will begin charging existing customers who have participated in the promotion an additional $2 per month to account for Netflix’s recent price increase. Consumers will see their bill go up starting on 6/2. [...]

  • Oona King

    Snap Hires Google Exec Oona King as First VP of Diversity and Inclusion

    Snap continues to fill out the ranks of its revamped leadership team: The Snapchat parent tapped Oona King, most recently Google’s director of diversity strategy and a former member of British Parliament with the Labour Party, as its first VP of diversity and inclusion. King, who starts at Snap on June 11, is also the [...]

  • Chrissy Teigen

    Chrissy Teigen to Rule Over Small-Claims 'Chrissy's Court' in Show for Jeffrey Katzenberg's Quibi

    Chrissy Teigen is going full-on “Judge Judy” in a reality show ordered by Quibi, the mobile-video subscription start-up venture founded by Jeffrey Katzenberg. In each episode of “Chrissy’s Court,” the model-influencer will reign as the “judge” over one small-claims case. Like the reality TV shows it’s patterned after, the plaintiffs, defendants, and disputes are real [...]

  • IGTV-Landscape

    Instagram's IGTV Adds Support for Horizontal Videos — but Still No Monetization

    Instagram is still searching to find the right recipe for IGTV, the long-form video service it debuted nearly a year ago. In the hopes of encouraging usage of IGTV, Instagram is breaking the original design that allowed only vertical video– to now support horizontally oriented videos as well. It’s a change that bows to the [...]

  • Facebook Logo

    Facebook Took Down 2.2 Billion Fake Accounts in Q1

    Facebook saw a huge jump of bots trying to create fake accounts during the first quarter, with the company revealing Thursday that it took down 2.19 billion such accounts over the first three months of this year. “We’ve seen a steep increase in the creation of abusive, fake accounts on Facebook in the last six [...]

  • Netflix Unveils Lonely Island Musical Tribute

    Netflix Unveils Lonely Island Musical Tribute to Jose Canseco, Mark McGwire

    The Lonely Island comedy troupe has dropped a half-hour Netflix special featuring a musical tribute to baseball greats Jose Canseco and Mark McGwire. “The Lonely Island Presents: The Unauthorized Bash Brothers Experience” features Andy Samberg and Akiva Schaffer as the former Oakland Athletics teammates who became known as “the Bash Brothers” for their prowess at [...]

  • Rotten Tomatoes

    Rotten Tomatoes Revamps Movie Audience Scores to Focus on Verified Ticket Buyers

    Rotten Tomatoes is dramatically changing its Audience Score methodology for movies: The site’s standard user rating will now reflect only moviegoers who can prove they’ve bought a ticket to see it in a theater. It’s another troll-fighting move by Rotten Tomatoes, designed to curb coordinated “review bombs” aimed at pushing down the Audience Score for [...]

More From Our Brands

Access exclusive content