Snap’s is preparing for a sizable round of layoffs.
The Snapchat maker had more than 3,000 employees in total at the end of last year.
Snap’s share price held even on the news, in contrast to several weeks ago when it fell by around 7% after celebrity Kylie Jenner said she was no longer using the platform.
That pronouncement was itself symptomatic of a strong pushback against a recent Snapchat redesign that separated content produced by celebrities and brands from that produced by regular users.
Despite that rough patch, the company’s CEO, Evan Spiegel, got a $638 million paycheck shortly afterwards. However, that windfall came from stock entitlements based on earlier work.
According to the Cheddar report, the company has recently been tightening up its employee performance-evaluating processes. It withheld cash bonuses at the end of last year, due to companywide goals being missed.
Previous Snap culls, which took place last year and earlier this year, were smaller than that now being reported, measuring a dozen or two apiece.
Snap (SNAP) had not responded to a request for comment at the time of writing.