Snap Inc cuts 7 percent of its global workforce in March

Vastavam web: Snap Inc on Friday said it cut 7 percent 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.The Snapchat parent has been under pressure from investors to reduce costs after revenue fell short of analyst expectations during Snap’s first year as a publicly traded company.

Earlier this month, a company memo had shown that the company would cut just over 120 engineers and reorganize its engineering team reported.