Thursday, March 8, 2018

Snap Cuts 120 Engineers, Citing Job Performance

Venice, California-based social networking app developer Snap Inc. has laid off more than 120 engineers, according to reports based on internal emails being circulated from the company, saying it had cut its "lowest performing" engineers in recent job reviews. The layoffs represent around 10 percent of Snap's engineering team. Snap also cut employees in December. Despite the recent turmoil in the ranks, life in the executive suite for Snap has not been so bad: Snap CEO Evan Spiegel managed to pay himself $637.8M in 2017, the third highest annual payout of a CEO, ever, according a report last month from Reuters.