Snap reportedly wants to be profitable by the end of the year

Snap CEO Evan Spiegel.

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Snap CEO Evan Spiegel.
source
YouTube/Snapchat

Snap, the company behind Snapchat, wants to break even and reach profitability in 2018, according to a report in Axios.

Snap CEO Evan Spiegel reportedly sent a company-wide email several months ago in which he outlined his goal for Snap to break even this year.

The news that Snap wants to reach profitability this year follows two reports of layoffs at the company in 2018.

In January, it was reported that the company laid off around two dozen employees from eight teams, with a focus on cuts in the company’s content division.

And Snap confirmed this week that it had laid off “just over 120” engineers, around 10% of the company’s engineering team.

Earlier this month it was reported that Snap employees were told they wouldn’t be getting cash bonuses for 2017 since they didn’t beat their internal goals.