Snap Reportedly Plans To Layoff About 10% Of Its Engineers

(RTTNews) - Snap Inc. (SNAP), which has struggled with slowing growth, plans to layoff about 10% of its engineers, the Wall Street Journal reported citing people familiar with the matter.

The reductions would mark the third and largest round of layoffs since the company, which currently employs about 3,000 people, went public in 2017. It previously laid off a few dozen employees in its recruiting and video-recording Spectacles units.

The cuts reflect the fluctuating fortunes of Snap, which operates a popular messaging app. The company's user growth has slowed significantly in the past two years, although the most recent quarter was a bright spot.

Since the beginning of 2016, Snap had hired about 2,400 people, often adding about 300 people a month, executives said on the company's fourth-quarter earnings call in February. In that call, Chief Executive Evan Spiegel also said the company expects to moderate its hiring.