About 100 engineers will soon be out of work at Snap, the parent company of Snapchat, according to a report by CNBC.
That amounts to nearly 10 percent of its engineering team — the company’s largest layoffs yet. It had smaller layoffs in recruiting, marketing and content divisions, CNBC said. Snap had 3,000 employees as of its December quarter.
Snap also recently released a redesign of its app, which was not received well by its users. On Feb. 22, Snap (SNAP) stock closed down 6 percent after reality TV star Kylie Jenner said she was no longer using the app due to the redesign. The plunge wiped about $1.3 billion off the company’s market value.
Instagram has been eating into Snapchat’s reach ever since it launched its own “stories” in the summer of 2016.