Markets Insider
- Business Insider's Alex Heath reported that Snap has laid off 18 people from its recruiting division.
- The company is expected to see more layoffs as it implements a new employee evaluation system.
- CEO Evan Spiegel also said that the company will slow its hiring in 2018.
- The stock rose more than 1% after the news and is up 1.64% on the day to $15.50.
- Snap is still down 8.8% from its IPO at $17, as investors wonder about its ability to monetize its relatively-small, but engaged, user base.
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SEE ALSO: Snap hit with more layoffs, plans to slow hiring in 2018 (SNAP)
