Snap sheds two dozen employees as user numbers fall
- Author: Jon Douglas Jan 22, 2018,
Jan 22, 2018, 1:41
Cheddar's report, which cites people familiar with the matter, suggests that a handful of employees in the firm's NY and London offices were also asked to relocate to the company's Los Angeles headquarters. Some employees were offered relocation packages, Cheddar reported. "The government, our investors, and other third parties can also seek their own remedies against you for what you disclosed".
Snapchat shares are more than 40% since the company's IPO in March 2017.
Snap is reportedly laying off around 2 dozen employees, according to reports from Cheddar and The Information on Thursday. Some of the metrics-including details on daily Snap Story usage and Snap Map usage-have declined in recent months, which is believed to be the reason Spiegel announced a sweeping redesign late previous year.
Snap's CEO Evan Spiegel argued in a memo that the firm needed to grow thoughtfully to maximise productivity and not just blindly increase in size. Of course, the anti-leaking memo then leaked. In December, the "Stories Everywhere" feature, which lets users make and view Stories outside the app, was leaked to the press ahead of the official announcement. But, we don't know how many people in total at the company are working on the content team, which is responsible for the original media presented in the app's Discover section.
Nearly two dozen staff were laid off this week as it continues to struggle with slow user growth and a dwindling stock price.
In early January, Snapchat users reacted negatively to changes made in a redesign.