Markets Insider

Snap is planning its "largest layoffs to date," Cheddar reported Wednesday.

The stock slipped from session highs, but is still green for the day.

You can track Snap's stock price in real-time here>>

Shares of Snap slipped off their session highs Wednesday afternoon, turning red for the day, after Cheddar's Alex Heath reported the company was set for its "largest layoffs to date"

The stock was trading at $18.00, according to Markets Insider data, down roughly 0.3% for the day at the time of writing.

Twitter

Snap has had round after round of layoffs in recent months as its stock fights to hold above its initial offering price of $17. Most recently, the company laid off about two dozen employees across eight teams in January.

It has been a rough year so far for Snap, which in January rolled out a massive redesign of its Snapchat app in January an effort increase user engagement. The refresh was met with intense opposition from users around the world and led to multiple downgrades on Wall Street. The company also lost its VP of sales and VP of product this month.

"We need to have an organization that scales internally," CEO Evan Spiegel said in a memo obtained by Cheddar after the most recent round of layoffs. "This means that we must become exponentially more productive as we add additional resources and team members."

NOW WATCH: Why North Korea sent hundreds of cheerleaders to the Olympics