The company has been conducting small rounds of layoffs in recent months, particularly in its marketing, recruiting and content divisions, and according to Tech Crunch, the layoffs of engineers is a sign that Snap looks to remake itself into something that’s different like Instagram, which had copied many of Snap’s core features like Stories.
While the company is still worth around $22 billion, although lower than Twitter’s market cap, Snap has struggled to show growth and that it can continue to register new users.
With these rounds of layoffs which began in January, it seems that Snap is trying to set itself up for a new direction. The company last month rolled out a redesign of its pioneering photo messaging app, which separated publisher content from content posted by friends and connections, and users were not happy.
we might even be looking at a new version Snapchat soon.