March 30, 2018 / 9:32 PM / 23 days ago

BRIEF-Snap Inc Says Implemented Reduction In Force Plan Impacting About 7 Pct Of Global Headcount

March 30 (Reuters) - Snap Inc:

* SNAP INC - DURING MARCH 2018, IMPLEMENTED REDUCTION IN FORCE PLAN IMPACTING ABOUT 7% OF GLOBAL HEADCOUNT, PRIMARILY IN ENGINEERING, SALES - SEC FILING

* SNAP INC SAYS REDUCTION IN FORCE IS TO ALIGN RESOURCES AROUND TOP STRATEGIC PRIORITIES AND TO REFLECT STRUCTURAL CHANGES IN BUSINESS

* SNAP INC - ESTIMATE WILL INCUR ABOUT $10 MILLION OF PRE-TAX CASH EXPENDITURES, SUBSTANTIALLY ALL OF WHICH WILL BE SEVERANCE COSTS

* SNAP INC SAYS EXPECTS TO RECOGNIZE STOCK-BASED COMPENSATION FORFEITURE BENEFIT OF ABOUT $31 MILLION

* SNAP INC SAYS SEVERANCE CHARGES AND ANY STOCK-BASED COMPENSATION FORFEITURE BENEFIT WILL BE RECOGNIZED IN QUARTER ENDED MARCH 31, 2018

* SNAP INC SAYS CHARGES ASSOCIATED WITH REDUCTION IN FORCE ARE NOT MATERIAL TO CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS

* SNAP - DUE TO REDUCTION IN FORCE, EXPECT TO RECOGNIZE SAVINGS OF ABOUT $25 MILLION IN 2018, $34 MILLION ON ANNUALIZED BASIS RELATED TO SALARIES, PAYROLL TAXES Source text: (bit.ly/2IfGgTy) Further company coverage:

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