Snap is laying off about 100 people, primarily from the company’s sales side.
Imran Khan, the company’s chief strategy officer and the head of all its business operations, said in a statement that these layoffs were part of a planned downsizing that started late last year. Here’s his full statement:
“Over the past two years our company has grown a tremendous amount. Late last year we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions. As a result, new structures have been put in place for Content, Engineering, Sales and many other parts of Snap. These changes reflect our view that tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business. While this process has required us to make some really tough decisions, we believe that rigorously ensuring our team structure always aligns with our goals will make us stronger.”
A source inside the company told Recode that this is the last big cut planned as part of that restructuring. Bloomberg first reported the news.
It’s been just over a year since Snap went public, and it’s clear the company is still finding its footing. It’s business has been inconsistent, but Snap just had its best quarter at the end of 2017, and CEO Evan Spiegel has said internally that he wants to get to profitability by the end of the year. Cutting head count should help with that.
Investors don’t seem concerned with Snap’s layoffs. The stock is up less than 1 percent.
This article originally appeared on Recode.net.