Around 100 engineers are set to be pink-slipped as part of Snap’s cutbacks, which represent close to 10% of the company’s engineering team. The expected layoffs were first reported by Cheddar. Snap declined to comment.
Snap had 3,069 employees as of Dec. 31, 2017, according to its 10-K filing with the SEC.
The layoffs come after Snap has been making smaller reductions in force over the last several months. In January, Snap let go 22 employees, including members of its content team. That came after it laid off 18 recruiters last October and about a dozen members of its hardware team in September.
Over the last few weeks, Snapchat has been met with an epic user revolt over its major app redesign, which began rolling out widely last month. Snap intended to make the app simpler to use with the new design, and to separate social messaging from media. It has encouraged users to be patient and said it’s going to add tabs to make it easier to follow the Snapchat Stories of both friends and celebrities.
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Snap launched its IPO one year ago, but after a boffo initial run-up the stock languished as the company reported results below Wall Street forecasts. It closed at $18.02 per share Wednesday, roughly flat for the day, above the $17 IPO price but 26% below its 52-week high.
For the fourth quarter of 2017, Snap posted its best quarter since the IPO, beating analyst expectations and reporting the biggest net user addition in over a year.