Snap Inc (NYSE:SNAP) announced that the company is laying off more than 100 employees.
The image-sharing app is mostly cutting jobs on the sales side of things and it marks the third round of layoffs for the company since the beginning of the team. An earlier move saw Snap restructure its content teams in January and lay off roughly 120 engineers earlier this month.
Chief strategy officer and head of the company’s business operations Imran Khan said in a statement that the layoffs were part of a planned downsizing that kicked off last year. “Over the past two years our company has grown a tremendous amount,” he said.
Late last year we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions. As a result, new structures have been put in place for Content, Engineering, Sales and many other parts of Snap. These changes reflect our view that tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business. While this process has required us to make some really tough decisions, we believe that rigorously ensuring our team structure always aligns with our goals will make us stronger.”
Snap has only been a publicly traded for under a year and the company has seen its fair share of ups and downs since then.
SNAP stock fell nearly 1% on Thursday.