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Snap Is Laying Off More Employees, Plans to Slow Hiring in 2018

October 20, 2017, 5:23 PM UTC

Snapchat’s parent company laid off 18 employees this week amid plans to slow hiring in 2018.

Business Insider first reported on the latest round of layoffs at Snap, which hit the social media company’s recruiting division, and which a Snap spokesperson confirmed on Friday. Snap also plans to slow down hiring next year, according to BI, which cites an email that Snap CEO Evan Spiegel sent to employees last month in which he said to expect a “slower rate” of hiring in 2018.

The company’s headcount more than tripled between the end of 2015 and December 2016, to 1,859, and Snap said recently that it currently employs roughly 2,600 people.

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Last month, multiple outlets reported that Snap laid off another dozen employees in its hardware division while also shuffling the leadership of that unit, which makes the company’s video-recording Spectacles glasses. Earlier this month, Spiegel said the company had sold more than 150,000 pairs of Spectacles in less than a year, beating the company’s goal of 100,000 units.

While Snap’s stock was up slightly on Friday afternoon, the company’s shares have lost more than 27% of their value over the past six months following a much-hyped IPO in March. Investors are wary about Snapchat’s ability to secure long-term revenue growth, while the company also faces competition from larger rival Facebook and its subsidiary, Instagram.