Snap woes continue with another round of layoffs
The company behind the Snapchat app is looking to cut around 100 employees following layoffs earlier this month.
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Snap continues to struggle.
Snap is in for another round of job cuts.
The company behind the popular social network Snapchat is looking to cut around 100 positions, mostly in the advertising business, Snap confirmed. Bloomberg reported the story earlier Thursday.
This would follow a cut of roughly 120 engineers from earlier this month.
The moves are the latest indication of Snap's growing pains as it wrestles with how to expand its business. The network, which lets you send videos, images and text with special filters that disappear after they're viewed, exploded in popularity among younger users, but remains confounding to older, more mainstream audiences. The company introduced a redesigned app late last year intended to make it easier for anyone to join, but its most hardcore users have rejected the changes.
The company grew at a tremendous rate, and CEO Evan Spiegel noted in the company's fourth-quarter conference call that it added 2,400 employees over the last two years, or 100 new team members each month.
While the layoffs are significant, they represent a small fraction of its total workforce. As of the end of last year, the Venice, California-based company had more than 3,000 employees, according to a filing with the Securities and Exchange Commission.
Update, 7:55 a.m. PT: To include confirmation from Snap.