Snap Inc. laid off five employees as part of a restructuring of its research group this week, according to people familiar with the matter. The five employees were part of a team led by Bobby Murphy, Snap's co-founder, chief technology officer, and second largest individual shareholder.
Snap also recently asked managers to institute a so-called "performance improvement plan" (PIP) for employees who are classified as low performers, the people said. Being put on a PIP means that affected employees have a limited amount of time to improve their work before they are fired, and people familiar with the plan at Snap say it will likely lead to further attrition in the company's ranks throughout 2019.
A Snap spokesman confirmed the five layoffs and PIP plans when contacted by Cheddar on Thursday. The spokesman added that Snap also initiated a PIP plan for employees in 2018.
The cuts to the research group, which numbers less than 40 employees, come after Snap's director of research, David Salesin, left the company in December 2018. Instead of managing Snap's hundreds of engineers, Murphy oversees the small research group and a couple of other teams that total less than 80 employees.
Murphy's research group works on more futuristic endeavours, such as augmented reality. The company's much larger engineering workforce is led by former Amazon executive Jerry Hunter, who joined Snap in late 2016.
Snap's stock soared earlier this week on better than expected earnings. But the company has yet to turn a profit. CEO Evan Spiegel has said he wants Snap to reach profitability in 2019.
Snap had 2,884 employees as of December 31, 2018, according to a recent filing with the SEC. The company shed more than 200 hundred employees globally last year through multiple rounds of layoffs.
Thanksgiving travel is set to smash records as millions fly, drive, and ride despite FAA disruptions and economic uncertainty. Here’s what you need to know.
AI, BNPL and new digital tools are reshaping holiday shopping. PayPal’s Michelle Gill shares survey insights, tech trends, and tips for smarter spending in 2025
'The Chair Company' blends sharp satire with workplace conspiracy. Lake Bell joins us to talk its corporate themes, quirky characters, and why viewers love it!
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
Nvidia smashes earnings with record-breaking revenue and soaring Blackwell demand as shares slip this morning, Barron’s senior writer Adam Levine unpacks it all
Jeff Wagoner, CEO of Outrigger Hospitality Group, discusses the company’s coral preservation initiatives and sustainable practices at their hotels and resorts.
