Snap employees will not receive cash bonuses for the second straight year

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Evan Spiegel

• Snap employees will not receive cash bonuses for the second straight year, according to a report by Cheddar.
• Instead, individual employees may receive performance-based bonuses in the form of stock options.
• Thursday's news caps a rough 2018 for Snap, which the saw its stock and user numbers decline.

On the same day its stock fell below $5 for the first time, a report by Cheddar on Thursday indicated that Snap employees would not receive cash bonuses for a second consecutive year.

According to the report, individual employees may instead receive performance-based bonuses in the form of stock options.

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Thursday's news of no cash bonuses caps a rough 2018 for Snap, which saw its stock plummet and its audience shrink.

Read more: Snap's stock crashes 10% after announcing it lost 2 million users last quarter - even though it beat on the top and bottom line

According to current and former employees who spoke with Cheddar, internal morale has also been lowered this year by the multiple rounds of layoffs, everchanging strategies from upper management, and the departure of key execs, like Chief Strategy Officer Imran Khan and Vice President of Content Nick Bell.

The report also mentions that this year's Snap holiday party waned in comparison to 2017's celebration, when Drake headlined the event.

2019 will be a critical year for Snap: it's the year that CEO Evan Spiegel said he hoped his seven-year-old company would finally become profitable.

Get the latest Snap stock price here.