Snap Inc. SNAP, +6.65% said in a Securities and Exchange Commission filing late Friday that it expects to save $34 million a year as a result of 220 recent layoffs. Severance related to the 7% reduction of its workforce will cost $10 million and will be offset be a stock-based compensation forfeiture benefit of about $31 million in the first quarter of next year, the SEC filing said. The company had more than 3,000 employees in 2017. As a part of the company's restructuring effort, Snap plans to close several offices that will leave it with between $25 million to $45 million of costs related to the remaining lease obligations. The filing said the company doesn't expect the charges to have a material effect on its results or financial position. Ahead of the Good Friday holiday, Snap stock closed down a fraction to $15.87. The stock is up 8.6% this year as the S&P 500 index SPX, +1.05% fell 1.2%.