Though Snapchat hired more than 2,400 people over the past two years, the company said the layoffs were made to maintain a “high technical bar.”
“We plan to moderate the growth of our team over the next year and focus on making sure that we have the right team, leadership, and organizational practices in place to support our culture and our mission,” Snapchat CEO and co-founder Evan Spiegel said on a recent earnings call with investors, according to CNN.
More articles on business:
IMF managing director warns that no one wins in a trade war
Jaguar’s fully electric SUV to cost $10k less than Tesla Model X
Gary Cohn resignation shakes stock market
