Amid pressure from investors, Snapchat parent cuts 7% of global workforce

Snap on Friday said it cut 7 per cent of its global workforce in March, as disclosed by it in a regulatory filing.

The social media company said it would incur about $10 million of cash expenditure due to severance costs to be reflected in the current quarter ending March 31.

As a result of the layoffs, mainly in its engineering and sales teams, the company said it sees savings of about $25 million in 2018. The company had said it had 3,069 employees as of December 31, 2017, according to its annual filing.

The Snapchat parent 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.