On Thursday, Snap Inc (NYSE: SNAP), which operates the Snapchat app, said that it will cut around 100 workers in the second round of layoffs. This move is the company’s latest step to restructure the company after aggressive hiring in the past few years. Shares of the company dropped to $15.94 on Thursday.
“Over the past two years our company has grown a tremendous amount. 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,” Imran Khan, the chief strategy officer of Snap, said in the statement.
According to the company, the cut will happen in less than a month, and the layoffs are mainly in the advertising and sales units.
This is not the only layoff for the company. Last year, Snap laid off employees in hardware units, which was responsible for Spectacles sunglasses. And earlier this month, the company laid off over 120 engineers.
“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,” Imran continued.