Venice-based company Snap plans to lay off more than 120 engineers

Snap, the company in charge of the social media platform Snapchat, plans to lay off more than 120 engineers.

This is the third and largest round of layoffs for the company, but it's the first time it has included engineers.

The company has gone through redesigns as of late to boost user engagement.

In 2017, Snap held back bonuses for its employees and the company has moved out of half of its offices in Venice and reconsolidated into one space in Santa Monica.

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