Snap has confirmed layoffs of 'just over 120' engineers

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These layoffs would be Snap's largest yet and the first to hit the company's engineers.

The company declined to comment.

Snap Inc (SNAP) opened at $18.02 on Thursday. UBS Group downgraded Snap from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $12.00 to $7.00 in a research report on Wednesday, November 8th. Pivotal Research reissued a "sell" rating and set a $10.00 price target on shares of Snap in a research report on Wednesday, January 10th. The company has a consensus rating of "Hold" and a consensus price target of $18.10.

In other Snap news, General Counsel Michael J. The sale was disclosed in a filing with the SEC, which is accessible through this link. The disclosure for this sale can be found here. "He said the changes will allow the company to "[address] the technical debut that we have accrued over the years so that we can develop a product that engages customers and drives Snap forward". The social media network operator posted 187 million daily active users in the last three months of 2017, an 18% jump year-over-year. If you are accessing this report on another website, it was illegally stolen and republished in violation of worldwide copyright laws.

Citing sources, Cheddar also said that the planned layoffs would be Snap's biggest to date. The company faces growing pains as it struggles with stagnant user growth and revenue and confronts greater competition from social media platforms like Facebook and Instagram that have copied some of the image-sharing app's most popular features in recent years.