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Snapchat is cutting about 10% of its engineering team, or roughly 100 people, Cheddar's Alex Heath reports.

Why it matters: The company has experienced much smaller rounds of layoffs within the last few months. These layoffs, which follow closely behind a major redesign of the company's app, would be the largest to date for the roughly 3,000-person company.

Background: Heath says employees, likely engineering employees, sprinted to get Snapchat's recent redesign finished, as a rushed directive from CEO Evan Spiegel. Snapchat's SVP of Engineering Tim Sehn parted ways with the company in November.

  • As Axios noted when the company laid off two dozen staffers in January, Snapchat CEO Evan Spiegel said last year that all managers would be assessing their team sizes and locations, which could mean hiring, cuts or no change.
  • While today's cuts shouldn't be shocking, they are notable given their scale and that they are occurring within its engineering department. Prior layoffs involved staffers that were not as close to the core product.
  • The app underwent a redesign last month that received some pushback from users. Snap stock currently sits a little higher than it did when the company initially went public around this time last year. Shares were down slightly following the news Wednesday.

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Biden releases 2019 tax returns ahead of debate

Photo: Alex Wong/Getty Images

Joe Biden's campaign released his 2019 tax returns on Tuesday, showing that he and his wife, Jill, paid nearly $300,000 in federal taxes last year.

Why it matters: The release, timed just hours before the first presidential debate, comes days after a bombshell New York Times report said that President Trump paid only $750 in federal taxes in 2016 and 2017. Biden's team is hoping to make the tax contrast a sticking point during their showdown.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:15 p.m. ET: 33,454,037 — Total deaths: 1,003,571 — Total recoveries: 23,204,219Map.
  2. U.S.: Total confirmed cases as of 2:15 p.m. ET: 7,165,067 — Total deaths: 205,476 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.

NYC's coronavirus positivity rate spikes to highest since June

New York Mayor Bill de Blasio. Photo: Noam Galai/Getty Images

New York City's coronavirus positivity rate has ticked up to 3.25%, its highest since June, Mayor Bill de Blasio said at a news conference on Tuesday.

Why it matters: The jump — from 1.93% on Monday — came on the first day that public elementary classrooms reopened in the city after months of closures, but guidelines state that all public schools will have to shut if the citywide seven-day positivity rate stays above 3%.