Wake up to Mike Allen’s AM, the 10 stories driving your day

Stories

Snap reduces headcount, plans slower hiring for 2018

Evan Spiegel speaks at the Vanity Fair New Establishment Summit in Beverly Hills. Photo: Matt Winkelmeyer / Getty Images

Snapchat parent company Snap has laid off employees as it slows its growth heading into 2018, Business Insider reports. The company has grown fast over the past two years: it had 600 employees at the end of 2015 and ended last quarter with 2,600.

Why it matters: Snap believes the company has reached a size that is functioning well, so it is reducing its rate of hiring and therefore cutting some staff recruiter roles. The company said it will continue to hire aggressively in engineering and sales roles, but the overall pace of those hires will also slow next year.

More stories loading.