Snapchat Plans To Lay Off More Than 1,000 Following Drop In Stock

Snapchat plans to lay off more than 1,000 workers after a dramatic drop in the company’s stock.

Starting this week, Snapchat began laying off hundreds of its employees in an effort to build the company back up after seeing a slump in its stock over the past year. The social media platform’s stock fell more than 86 percent over the last year, setting them at $10.02 by Tuesday of this week. Extended trading shares dropped by 4 percent.

Right now, there are more than 6,400 people working for Snapchat. But that number is going to be cut down by 20 percent, with 1,280 employees being laid off in an effort to build the company back up financially. The company has also seen a slew of internal departures on the c-suite level, including former Chief Business Officer Jeremi Gorman and its former vice president of ad sales for the Americas, Peter Naylor.

Several other companies have also been cutting down their staffs, including Netflix, Apple, Microsoft, and Google.