Snap Inc. expected to announce layoffs; AeroVironment secures contract, narrows losses; and Ordermark raises $3.1 million.
Snap Inc. is preparing its largest round of layoffs to date, Cheddar reports. The layoffs, which are expected to be announced within a week, will exclusively affect Snap’s engineering department and number around 100 people, just under 10 percent of the department. Snap slowed its hiring rate by roughly 60 percent last quarter and reported having 3,069 employees at the end of 2017.
This is the third round of layoffs and comes after Snap instituted a company-wide system for evaluating employee performance towards the end of last year, and withheld cash bonuses for employees at the end of 2017 because of failure to meet company-wide goals.
Monrovia-based AeroVironment Inc. announced it received a contract for the Puma small unmanned aircraft from a customer in the Middle East valued at $44.5 million, the San Fernando Valley Business Journal reports. The company also reported financials for the quarter ended Jan. 27, beating Wall Street expectations on revenue in the fiscal third quarter but falling short on earnings.
Ordermark, a company owned by Canter’s Deli owner Alex Canter, received a $3.1 million seed round led by TenOneTen Ventures, with participation from Act One Ventures, Mucker Capital and others, The Spoon reports. Ordermark works with restaurants to identify delivery services available in their geographic area. The company then on-boards these platforms and integrates them into an Ordermark dashboard, which standardizes all incoming orders and funnels them through a single printer. For this, Ordermark charges a “small subscription” fee per month.
Technology reporter Eli Horowitz can be reached at email@example.com. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.
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