Snapchat Employees Lose Cash Bonuses Again

Snap Inc., parent company of social media platform Snapchat, has been forced to deny its employees cash bonuses for the second year in a row due to underwhelming profits. According to a report from Cheddar, individual employees may still receive performance-based bonuses, though these will come in the form of stock options rather than a flat payout.

This news comes on the heel of yesterday’s closing bell heralding Snapchat’s lowest recorded value since the company went public, with share values hovering around $5 per. According to several Snapchat employees who spoke with Cheddar, employee moral at the company is at an all-time low due to a variety of factors. The most notable causes are the multiple rounds of layoffs over the last year, constantly fluctuating business strategies, and the departure of several notable executive figures, including Imran Khan and Nick Bell. As an indicator of Snapchat’s reduced profitability, the employees Cheddar spoke to noted that the company’s holiday party paled in comparison to the previous year’s in terms of scope and entertainment.

Snapchat is currently working on a massive overhaul of its Android app, which the company is hoping will help them to reclaim the user numbers that they have been recently hemorrhaging.

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5 years ago
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