NEW YORK (Reuters): Snap Inc (SNAP.N) on Friday said it cut 7 percent of its global workforce in March, as disclosed by it in a regulatory filing here.
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.
As a result of the layoffs, primarily in its engineering and sales teams, the company said it sees savings of about $25 million in 2018.
