Human Resources

Toggle

Article

Snapchat

Snapchat reduced about 7% of its global headcount



Less than a month to Learning & Development Asia. Speakers from Axiata, BHP Billiton Shared Services, Fave, HRDF, Samsung confirmed to speak with more than 120 attendees.
The region's largest conference for HR and L&D practitioners - you don't want to miss it.
Last few seats available, you don't want to miss it. Register now.

閱讀中文版本

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.

Photo / 123RF

For the 5th consecutive year, HR Distinction awards will again honour the very best in the HR industry. Winning is both an affirmation of the exceptional quality of your work in the industry and among peers. Book your gala dinner table now
Contact us now for more details.

Read More News

Trending