Snap rises after layoffs and plans to slow hiring

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.

Read Alex Heath's story about the layoffs at Snap here.