Snap is cutting jobs in its recruiting division as the company’s stock price languishes below its IPO price from earlier this year.

The company confirmed to CNBC that it recently laid off 18 people in recruiting, a story that was first reported by Business Insider. The cuts follow about a dozen layoffs in Snap’s hardware marketing division last month. It also plans to slow hiring next year.

The latest layoffs equal less than 1 percent of Snap’s total workforce. A spokesperson said that the slowdown in hiring was “logical” given how fast the company has grown. Snap expanded from 600 employees at the end of 2015 to 2,600 last quarter. The company did not say if additional layoffs are coming.

Snap shares climbed 1.7 percent to $15.51 as of midday Friday. They debuted at $17 in March.

Source: Tech CNBC
Snap is cutting jobs in recruiting and slowing new hires