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March 1, 2018 06:45 pm

Snap Said To Skip Bonuses, Combat Morale Slump After Rough Year

An anonymous reader shares a report: On Wednesday, Snap (parent company of messaging service Snapchat) sent employees a survey asking a broad set of questions to understand what they're happy about, what they want to improve, and what they want to say, anonymously, one year after the company's initial public offering. Grievances will be aired. Just last month, the company reported revenue that beat Wall Street's projections for the first time, causing the stock to surge 47 percent. Internally, the picture isn't as celebratory. The year involved a complete rethinking of the advertising business, an exodus of top executives, a broadly critiqued redesign of the Snapchat photo-sharing application and stiff competition from Facebook's Instagram, leaving the shares close to their IPO price. While Snap topped Wall Street's estimates last quarter, employees were told they didn't beat internal goals -- and wouldn't be getting cash bonuses, according to people familiar with the matter. Snap's internal targets weren't defined for employees, but that wasn't a surprise at a company where Chief Executive Officer Evan Spiegel tightly controls aspects of the business he cares about -- especially the spread of information, said the people, who asked not to be identified discussing internal matters. There is a sense among employees that since going public, Snap has only become more beholden to the one shareholder who matters: Spiegel.

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