Snapchat developer Snap Inc. has had more than its fair share of success. Not only did its time-based social media platform earn the company loads of money, it also inspired copycat features from other big-name services like Instagram. The road has had its speedbumps, of course, especially with weak adoption rates of the Spectacles glasses and the abysmal reaction to the latest Snapchat update. Now, Snap Inc. is reportedly trying to rethink its business strategy, and part of that equation looks to involve laying off a number of its own engineers.
According to a report from Tech Crunch, Snap Inc. expects to lay off as many as 100 individuals directly connected to the company's engineering department. Though no specific reasoning behind the decision was given, it's likely that the company's new approach is meant to re-focus its efforts on cameras and photography as a social media platform.
Aside from new efforts toward the popular ephemeral social media service, Snap Inc. is also reportedly interested in releasing a redesigned version of its signature Spectacles model of camera/glasses hybrids. In fact, anyone heading over to the official Snap website will be greeted by the simple statement that "Snap Inc. is a camera company," which may be surprising to those who only know the company through the Snapchat application.
News of these potential layoffs comes in shortly after a surprisingly profitable quarter, which reportedly saw Snap's stock raise substantially following a previous loss in 2017 after the company went public. With a worth somewhere in the ballpark of $22 billion, it's safe to say there's still time for Snap Inc. to find its own direction.