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Snapchat has announced a reduction in workforce impacting approximately 7% of its global headcount in March 2018 – primarily in engineering and sales. According to the report, Snapchat said: “The reduction in force is to align resources around our top strategic priorities and to reflect structural changes in our business.”
It estimated that it will incur approximately USD$10 million of pre-tax cash expenditures, substantially all of which will be severance costs. Additionally, it expects to recognise a stock-based compensation forfeiture benefit of approximately $31 million.
It said: “The severance charges and any stock-based compensation forfeiture benefit will be recognised in the quarter ended 31 March 2018.”
“As a result of the reduction in force, we expect to recognise savings of approximately $25 million in 2018 and $34 million on an annualised basis related to salaries and payroll taxes. The charges associated with this reduction in force are not material to our consolidated financial position or results of operations,” the report continued.
Meanwhile, it will exit various operating leases prior to the end of the contractual lease term in 2018, primarily as a result of moving to a centralised corporate office located in Santa Monica, California. According to an annual filing, the company had said it had 3,069 employees as of 31 December 2017.
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