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Snap Prepares For a Fresh Round of Job Cuts

Snapchat co-founders Bobby Murphy, chief technology officer of Snap Inc., and Evan Spiegel, chief executive officer of Snap Inc., smile at each other after ringing the opening bell as Thomas Farley, president of the NYSE, looks on, March 2, 2017 in New York City. Drew Angerer Getty Images

Snap’s is preparing for a sizable round of layoffs.

The news was first broken by Cheddar, which said around 100 engineers—less than 10% of that unit—would go. CNBC also reported the news based on its own sourcing.

The Snapchat maker had more than 3,000 employees in total at the end of last year.

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Snap’s share price held even on the news, in contrast to when it fell by around 7% several weeks ago, after celebrity Kylie Jenner said she was no longer using the platform.

That pronouncement was itself symptomatic of a strong pushback against a recent Snapchat redesign that separated content produced by celebrities and brands from that produced by regular users.

Despite that rough patch, the company’s CEO, Evan Spiegel, got a $638 million paycheck shortly afterwards. However, that windfall came from stock entitlements based on earlier work.

According to the Cheddar report, the company has recently been tightening up its employee performance-evaluating processes. It withheld cash bonuses at the end of last year, due to companywide goals being missed.

Previous Snap culls, which took place last year and earlier this year, were smaller than that now being reported, measuring a dozen or two apiece.

Snap snap had not responded to a request for comment at the time of writing.

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