Move of laying off 220 employees to save $34 million annually, says Snap Inc
New York, Apr 1 (IBNS): Snap Inc., the parent company of Snapchat, has said that its recent move of laying off about 220 employees is going to save it $34 million per year in salaries and taxes, media reports said on Sunday.
The company said the move is also going to make it get one-time benefit of $31 million related to stock-based comp forfeitures.
The company made the disclosure Friday in an SEC filing, reported Variety magazine.
This week Snap confirmed that it laid off about 100 employees, with the cuts mostly affecting its sales team, after letting go 120 personnel in its engineering group earlier this month, said the report.
“The reduction in force is to align resources around our top strategic priorities and to reflect structural changes in our business,” Variety reported quoting the company's filing.
Image: Gran from Snap Inc website
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