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MarketScreener Homepage  >  Equities  >  Nyse  >  Snap Inc    SNAP

SNAP INC (SNAP)
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Snap : Snapchat owner to cut more than 120 engineers

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03/08/2018 | 07:14pm CEST
The Snapchat app logo is seen on a smartphone in this illustration

SAN FRANCISCO (Reuters) - Snapchat owner Snap Inc will cut just over 120 engineers and reorganize its engineering team, according to a company memo seen by Reuters on Thursday.

SAN FRANCISCO (Reuters) - Snapchat owner Snap Inc will cut just over 120 engineers and reorganize its engineering team, according to a company memo seen by Reuters on Thursday.

The maker of the smartphone app known for popularizing disappearing messages 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.

The Southern California company will offer a package of benefits to those being laid off, according to the memo from Jerry Hunter, senior vice president for engineering.

The layoffs were earlier reported by news website Cheddar.

Snap has scheduled a staff meeting for March 14 to explain the reorganization and answer employees' questions, according to the memo.

The shakeup "will unify the entire engineering organisation" as a single team, Hunter wrote.

(Reporting by David Ingram; Editing by Jonathan Oatis)

By David Ingram

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Financials ($)
Sales 2018 1 156 M
EBIT 2018 -820 M
Net income 2018 -1 397 M
Finance 2018 1 094 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 9,23x
EV / Sales 2019 7,05x
Capitalization 11 764 M
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Mean consensus HOLD
Number of Analysts 35
Average target price 11,5 $
Spread / Average Target 25%
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Managers
NameTitle
Evan Thomas Spiegel Chief Executive Officer & Director
Michael M. Lynton Chairman
Tim Stone Chief Financial Officer
Robert C. Murphy Director & Chief Technology Officer
Steven Michael Horowitz Vice President-Technology
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