Date
17 August 2018
Snap laid off about two dozen employees, half of whom were responsible for producing content. Photo: Reuters
Snap laid off about two dozen employees, half of whom were responsible for producing content. Photo: Reuters

Snap sheds two dozen employees as user numbers fall: report

Snap Inc., the Los Angeles-based developer of the image messaging and mobile app Snapchat, laid off about two dozen of its workers in New York and London, CNBC reports, citing video news network Cheddar.

Half of those asked by the tech company to leave were responsible for producing content.

The company had close to 3,000 employees as of the third quarter of 2017.

The layoffs came after Snap reported that its third-quarter revenue and user numbers dropped below Wall Street estimates.

The company posted a revenue of US$207.9 million for the period, compared with an estimate of US$236.9 million, while daily active users reached 178 million, compared with an estimate of 181.8 million. 

Last month, Snap and CNN announced that the latter would end its daily show The Update on Snapchat, Reuters reported.

Snapchat is still a platform used mainly for messaging, despite the company’s release of new features and efforts to encourage subscribers to use other parts of the app, Business Insider said, citing Snap data reviewed by The Daily Beast.

For example, only 20 percent of Snapchat users spent time on content from a publisher’s Discover Edition on the app daily, the report said.

The data, not publicly disclosed by the company, covered April to September last year.

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JC/CG

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