Snap announced a layoff of 120 employees this week, its largest this week. The firm will be laying off all 120 from the engineering department. Cheddar broke the news earlier this week, and received confirmation of the email today.
“I’ve worked closely with our key leaders to create a plan for restructuring our team to make it stronger.” Snap’s SVP of engineering, Jerry Hunter, told employees via an email, “As part of this, we have made the exceptionally difficult decision to exit just over 120 members of our team from the company. We are doing this after a thoughtful and respectful review of each team member and with appreciation for the many contributions they have made to Snap. All impacted employees will be eligible for a transition package that includes resources to help them with the next step in their career.”
— Alex Heath (@alexeheath) March 8, 2018
Snap faced a quarter of growth for the first time, but it seems the firm isn’t out of the woods yet. The firm has been restructuring over the past month and has slowed its hiring processes in recent months.
Snap recently courted controversy when CEO Evan Spiegel received a $637 million stock award last year, despite bonuses for employees being reduced.