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- Snap (NYSE:SNAP) laid off dozens of employees on Friday, according to a report from Business Insider.
- The report cited two people familiar with the company, one of who said that employees are bracing for more layoffs in the coming week as the company reports earnings.
- There was no companywide announcement about the layoffs, BI reported.
- Snap reports earnings on Tuesday, with an outsize post-results move priced in by options.
- Deutsche Bank recently upgraded SNAP to Buy from Hold with a $19 price target, citing better advertising trends, Snapchat+ growth and the partnership with Amazon (AMZN) benefiting the Evan Spiegel-led tech company.