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Facebook : Snap lays off 18 employees in recruiting division

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10/20/2017 | 11:31pm CEST
FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange in New York City

Social media company Snap Inc (>> Snap Inc) said on Friday it had laid off 18 people in its recruiting division, an unusual move for a young company with ambitious growth plans and a likely reflection of tough competition from Facebook Inc (>> Facebook).

Social media company Snap Inc (>> Snap Inc) said on Friday it had laid off 18 people in its recruiting division, an unusual move for a young company with ambitious growth plans and a likely reflection of tough competition from Facebook Inc (>> Facebook).

Venice, California-based Snap, the parent company of messaging app Snapchat, declined to comment beyond its statement confirming the job cuts, which were first reported by Business Insider.

Snap Chief Executive Evan Spiegel told employees in an email last month that the company would hire at a "slower rate" in 2018, and that managers would be asked to make "hard decisions" about employees who are not performing well, Business Insider reported.

Snapchat is popular among people under 30 who like decorating their pictures with bunny faces and other filters. But since Snap's $3.4 billion IPO in March, investor concerns have mounted that the company might never become profitable.

Facebook has introduced similar features to its suite of apps, including Instagram, challenging Snapchat for users and for advertising dollars.

Snap shares closed up 2 percent on Friday to $15.56 (11.80 pounds).

(Reporting by David Ingram; Editing by Leslie Adler and Andrew Hay)

Stocks treated in this article : Facebook, Snap Inc
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Financials ($)
Sales 2017 39 244 M
EBIT 2017 18 168 M
Net income 2017 16 043 M
Finance 2017 33 505 M
Yield 2017 -
P/E ratio 2017 32,76
P/E ratio 2018 26,79
EV / Sales 2017 12,1x
EV / Sales 2018 9,00x
Capitalization 508 B
Chart FACEBOOK
Duration : Period :
Facebook Technical Analysis Chart | FB | US30303M1027 | 4-Traders
Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 45
Average target price 195 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
FACEBOOK51.73%508 176
TWITTER INC10.55%13 186
LINE CORP2.87%8 022
SINA CORP104.79%7 901
MATCH GROUP INC49.59%6 736
MIXI INC28.81%3 789