Snap just canâ€™t catch a break. Although it experienced an increase in revenue late last year, the company still hasnâ€™t turned a profit and the user base isnâ€™t booming. The major redesign for Snapchat also didnâ€™t work out as the company wouldâ€™ve liked. And now thereâ€™s more bad news adding to the list of troubleâ€™s faced since going public in 2017.
Another round of layoffs will affect Snap, according toÂ CNBC.
The workforce has already been slashed in recent months, and the company confirmed it would slow down on hiring new employees. Previous layoffs, however, focused a lot on hardware and content. Snapâ€™s latest round mostly targets engineers assigned to its app.
In the last few months, Snapâ€™s certainly faced an uphill battle. While continuing to lose ground to Facebookâ€™s Instagram, the company rolled out an update that was widely panned.
With so much going on for the company, itâ€™ll be interesting to see how its quarterly earnings for early 2018 pan out.