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Snap under pressure?


Snap had just over 3,000 employees at the end of 2017, which means the company is cutting roughly 4% of its total workforce.

While that may seem small, all is clearly not well at the $21bn tech firm, which listed on the New York Stock Exchange last year.

The maker of the popular app, known for its disappearing messages, has been under pressure from investors to reduce costs after revenue fell short of analyst expectations during Snap’s first year as a publicly traded company.

Its shares are still some way below their IPO value.

The firm has struggled to fend off competition from Facebook and remains heavily loss making.
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