Financial

Snapchat owner to lay off over 120 engineers

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Snapchat owner Snap will cut just over 120 engineers and reorganise its engineering team, according to a company memo seen by Reuters on Thursday.

The maker of the smartphone app known for popularising disappearing messages has been under pressure from investors to reduce costs after revenue fell short of analyst expectations during Snap's first year as a publicly traded company.

The southern California company will offer a package of benefits to those being laid off, according to the memo from Jerry Hunter, senior VP for engineering.

The layoffs were earlier reported by news Web site Cheddar.

Snap has scheduled a staff meeting for 14 March to explain the reorganisation and answer employee questions, according to the memo.

Snap says the shakeup "will unify the entire engineering organisation".
Snap says the shakeup "will unify the entire engineering organisation".

The shakeup "will unify the entire engineering organisation" as a single team, Hunter wrote.

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