Layoffs Hit Snap Inc.

Snap Inc., the owner of the photo and video-centric Snapchat app, is laying off staff and intends to slow the pace of its hiring in 2018, according to Business Insider.

Last month, Snap laid off about a dozen people in its hardware division, and this week 18 staffers in recruiting were given pink slips. Snap has around 2,600 employees, according to filings with the Securities and Exchange Commission.

Snap has been beefing up its original video content in recent months, inking major deals with companies like Discovery Communications for 2018 Olympics coverage and with Time Warner to create original shows. Snap also struck a deal with its investor NBCUniversal to create a new production studio earlier this week, which will produce original scripted and unscripted fare for Snapchat.

As Snap digs into expensive original content, it appears other divisions, such as hardware, may shrink to make room for the new effort.

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