A lot has been made about Apple’s possible shift to the A-series processor in the Mac starting in 2020 — but this isn’t the first time that Apple has convinced a generation to change hardware architectures.
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Snap’s engineering team is expected to be hit hard, but other teams are also bracing for cuts.
Snap is preparing for another round of layoffs, and the company’s engineering team is expected to take the bulk of the cuts, according to a source familiar with the company.
Managers are being asked to identify team members who will be let go, though the timing of these layoffs is unclear. Cheddar, which first reported the layoffs, said that they’ll be the biggest in company history, and “could number over 100 people.”
Cheddar is reporting that the cuts are exclusive to Snap’s engineering team, but one source told Recode that other employees outside of engineering could also be impacted.
A Snap spokesperson declined to comment.
Snap has cut employees before: It laid off about a dozen employees from its hardware division last fall, and laid off a few dozen employees, including some on its content team, earlier this year during a restructuring.
It’s possible that Snap is simply trying to eliminate underperformers. The company did not give out end-of-year cash bonuses in 2017 because employees “didn’t beat internal goals,” according to Bloomberg.
The company, which has been public for just over a year, has been dinged in the past for excessive spending. It’s also possible that Snap is trying to work its way toward profitability, though that’s not usually a major priority for a young growth company.
Investors don’t seem to be worried about the move. Snap stock was up about 2.5 percent on Wednesday before the news, but has dropped down closer to Tuesday’s closing price.
