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- Snap (NYSE:SNAP) initiated a round of layoffs on Friday, according to a report from Business Insider.
- Two individuals familiar with the company, one of them mentioning that employees are preparing for further layoffs in the upcoming week as the company reports earnings, cited the report.
- The layoffs did not come with a companywide announcement, as reported by BI.
- With Snap reporting earnings on Tuesday, options have priced in a significant post-results move.
- Deutsche Bank recently upgraded SNAP to Buy from Hold, setting a $19 price target, and attributing it to improved advertising trends, Snapchat+ growth, and the benefits of the partnership with Amazon (AMZN) for the Evan Spiegel-led tech company.
