Daily Management Review

Snap Inc cuts 7% of its global workforce in March 2018


03/31/2018


The reduction of its global workforce is significant since it is aimed at streamlining its strategic priorities with the structural changes taking place in its business.



A regulatory filing by Snap Inc discloses that it has cut 7% of its global workforce in March.
 
The disclosure further states that Snap Inc expects to incur nearly $10 million expenditure in cash due to severance costs; this will be reflected in its current quarter ending March 31 2018.
 
The layoffs, primarily from its sales and engineering teams, sees the company saving $25 million in 2018.
 
As of December 31, 2017, Snap Inc showed its employee strength at 3,069 personnel.
 
With Snap Inc’s revenues falling short of analysts’ expectations, the firm has come under pressure from investors to slash its costs.
 
According to Snap, the reduction in its workforce “is to align resources around our top strategic priorities and to reflect structural changes in our business.”
 
References:
reuters.com







Science & Technology

Germany Introduces The First Ever Train To Run On 100% Hydrogen

Germany Plans On Cyber Security Research To End Reliance On U.S. Tech

Fuchsia will kill Android by 2023: Top 5 facts about the new OS

New Study Finds Goats Interact More With Happy People

More than 32 thousand "smart" houses under threat of hacker attack

Internet addiction and children: Global plague

Apple takes up to develop Apple Watch for health monitoring

Hyperloop is growing in Europe

Analysts: US gamers prefer mobile games

Google Assistant Winner Of Head-To-Head Test Of Digital Assistants, Beats Siri And Alexa

World Politics

World & Politics

Ex-Brexit Minister Said A ‘Reset’ Is Needed For Brexit Talks

10 countries with the best healthcare systems

Foreign Experts To Be Allowed By North Korea For Permanent Destruction Of Missile Sites

Ireland recovers €14.3 billion from Apple

Is China going to cancel its birth limit policy?

The US is ready to start negotiations with China

US and China start 5G race

Is Czech Republic posing a threat to the European Union?