Snap confirms it is cutting 120 engineering jobs [Update]

Update 03/08/2018: Snap has confirmed it will cut 120 positions from its engineering team. You can find the full statement below:

Confirmation of the Snap layoffs totaling 120 and Hunter’s full email to employees here: https://t.co/8zE8smvKBT pic.twitter.com/L5LX6IAjZI

— Alex Heath (@alexeheath) March 8, 2018

Snapchat’s parent company Snap is reportedly planning on laying off around 100 workers from the its engineering department.

People familiar with Snap’s plans told video news service Cheddar in an exclusive interview that the layoffs would affect approximately 10 percent of Snap’s engineering team and would take place at some point within the next week.

While this doesn’t seem like a massive number of people, this is the first time Snap will layoff employees in its engineering department.

Last year, Snap laid off a few dozen people in its hardware divisions. The company also laid off around 22 people in a variety of other teams in January 2018.

According to Cheddar, Snap has slowed its hiring rate by around 60 percent, maintaining a workforce of roughly 3,000 total employees.

While this may be the beginning of something new for Snap, it comes at a time when Snapchat is facing increasing competition from Instagram and Facebook.

Source: Cheddar