Snap laid off two dozen workers in New York and London, half of whom worked producing content, as the struggling social media company consolidated those operations in Los Angeles, CNBC has confirmed. The cuts were previously reported by Cheddar.
The job cuts affected a tiny percentage of the company, which had nearly 3,000 employees as of its Q3 earnings report.
The cuts come after a recent report, based on confidential company metrics, said Snapchat is still primarily a messaging tool, with only 20 percent of users using the company’s Discover Edition daily. The cable network CNN recently scrapped its TV show on Snap.
The parent company of Snapchat has struggled as larger rival Instagram, owned by Facebook, has copied its features.
Some analysts have cut their revenue estimates for the company on disappointing results.
Snap reported third-quarter revenue and user numbers that fell short of Wall Street expectations, sending its shares plunging.
Source: Tech CNBC
Snap laid off two dozen employees and half of them were from its content team