Snapchat's parent company Snap has announced that it's laying off 20% of its workforce.

CNN reported that the company has more than 6,400 employees.

The layoffs, which will begin Wednesday, with the company parting ways with about 1,200 employees, CNN reported.

According to The Verge, the department's layoffs will affect include hardware and developer products.

According to The New York Times, the layoffs would affect several products that are now being discontinued, including its social mapping app, Zenly and the development of its drone camera, Pixy.

In a statement to CNN, Snap CEO Evan Spiegel said the company would focus on "community growth, revenue growth and augmented reality."

News of the layoffs comes as the company's stocks have taken a nosedive of more than 75% since January, the media outlets reported.