Laying off 220 employees will save $34 million per yr: Snap
Snapchat's parent company Snap has said its recent layoff of about 220 employees will save it $34 million per year in salaries and taxes. The company will also receive a one-time benefit of $31 million related to stock-based comp forfeitures, as per filings. Earlier, Snap cut 7% of its global workforce, primarily affecting engineering and sales teams.