Troubles continue to plague Snap, the publicly-traded social networking company that’s failed to find a sustainable business model. Reports surfaced today that the company laid off about 100 employees on its engineering team, following layoffs earlier this year and last year.
Snap declined to comment to financial news site Cheddar about the cutbacks, which noted that the layoffs were the biggest to date. The Los Angeles-based company employed 3,069 people at the end of 2017.
It’s unclear whether any of the layoffs occurred at the company’s Seattle engineering outposts, which Snap opened in 2016 and then last year expanded in a major way. GeekWire reported last year that Snap planned to move into three floors of Market Place Tower last year, taking over about 50,000 square feet in the building near Pike Place Market.
Snap went public in March 2017 at $17 per share, and quickly rose to $24 per share. But since then, it has been pretty rough sledding for the Snapchat maker. Shares are now trading at $18.02, with a market value of $22 billion.
The company experienced a bit of a comeback last month after reporting stronger than anticipated financial numbers, leading CEO Evan Spiegel to say that the business started to come together in a positive way. Even so, Snap still lost $350 million in the quarter.