By Kevin Garcia,
Technology & Innovation Writer
The social media giant, Snap Inc. which owns Snapchat is reportedly increasing layoffs and slowing down the hiring process. “Snapchat’s parent confirmed to CNBC that it recently laid off 18 people in recruiting, a development that was first reported by Business Insider… The latest layoffs equal less than 1 percent of Snap’s total workforce. A spokesperson said the slowdown in hiring was “logical” given how fast the company has grown. Snap expanded from 600 employees at the end of 2015 to 2,600 last quarter” according to an article on CNBC.
Snap Inc. (SNAP) is a publicly traded company and it’s current stock price is at $15.52 as of October 22. That is two dollars lower than its initial public offering (IPO) which was $17. In the previous quarter, Snapchat reported in their earnings report that $181.7 million revenue came from advertising according to a USA Today article.
Snap Inc. is taking a lethargic approach to hiring due to its fast growth. The initial release of the application was in September of 2011. The company has grown to include virtual reality and location tracking into the social media staple.
Snap Inc. has not been able to release a new product since its March IPO and a vanity fair article stated, “Investors have taken note, and Snap’s stock has suffered as a result, plummeting about 23 percent in the past six months.”
A version of this article appeared in the Tuesday, October 24th print edition.
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