Amid pressure from investors, Snapchat parent cuts 7% of global workforce

Snap on Friday said it cut 7 per cent of its global workforce in March, as disclosed by it in a regulatory filing.

The social media company said it would incur about $10 million of cash expenditure due to severance costs to be reflected in the current quarter ending March 31.

As a result of the layoffs, mainly in its engineering and sales teams, the company said it sees savings of about $25 million in 2018. The company had said it had 3,069 employees as of December 31, 2017, according to its annual filing.

The Snapchat parent