Snap stock falls after Bloomberg reports of job cuts on advertising team

Shares of Snap Inc. are down 0.3% in Thursday trading after Bloomberg reported that the company was cutting about 100 workers, after cutting more than 100 engineers earlier in March. The latest round of cuts will be focused on the advertising team, Bloomberg said. “Late last year we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions,” Snap’s chief strategy officer Imran Khan said in a statement provided to Bloomberg. “Tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business.” Snap didn’t immediately respond to MarketWatch’s request for comment. The company is in the midst of transitioning to self-serve ad buying. Snap shares are down 30% over the past 12 months, while the S&P 500 has gained 11%.

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