CAPE TOWN - Messaging and multimedia mobile application, Snapchat has confirmed that it is letting 180 employees go, citing the need to streamline the company, reports The Verge.
The announcement was reportedly announced by Snapchat's engineering chief, Jerry Hunter to employees in an email. This will see a 10% cut of its 3 000 employees.
The company reportedly hopes to address its technical debt and streamline its operations.
Meanwhile, Snapchat experienced a massive plunge of R19 billion last month.
This comes after US reality TV star Kylie Jenner tweeted: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."
Wall Street panicked in response to the "Snapchat Queen's" message, and Snapchat shares slipped almost 8% at one point, totalling around $1.7 billion dollars (R19 billion) in value.
They closed down 6%.
Jenner later tweeted again: "still love you tho snap ... my first love."
- BUSINESS REPORT ONLINE