Snap will save $25 million this year after cutting 7% of its staff in two separate rounds of layoffs (SNAP)

• Snap Inc., parent company of the popular photo messaging app Snapchat, laid off around 7% of its staff in March.
• The company expects to save $ 25 million in 2018 on payroll and taxes, it said in a filing Friday. Around $ 10 million of that savings will go toward severances.
• Despite the savings, the company has one other major expense this year. Snap expects to lose between $ 25 million and $ 45 million as it vacates existing leases around Santa Monica. 

It’s been a rough March for employees at Snap Inc., parent company of the photo messaging app Snapchat. The company endured two separate rounds of layoffs which cut over 220 people — around 7% of the staff — from its payroll across both sales and engineering.

In a filing with the Securities and Exchange Commission on Friday, Snap Inc. shed some light on what these layoffs mean for the $ 19.5 billion company.

See the rest of the story at Business Insider

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SEE ALSO: Snap hands out pink slips to about 100 employees in latest round of layoffs