Snapchat lays off employees after constant increase in bleak earnings – Reports
According to recent reports, 18 employees from Snap’s recruiting division have been let go.
A few months ago Snapchat’s parent company, Snap announced a frivolous debut on the public market, however some months later the story is not that rosy any more. According to various media reports Snap is laying off a handful of employees for the second time this month. Business Insider reports that 18 employees from Snap’s recruiting division have been let go.
Last month, Snap laid off about a dozen people in its hardware division. Snap has around 2,600 employees, according to filings with the Securities and Exchange Commission.
Snap has been beefing up its original video content in recent months, inking major deals with companies like Discovery Communications for 2018 Olympics coverage and with Time Warner to create original shows. Snap also struck a deal with its investor NBC Universal to create a new production studio earlier this week, which will produce original scripted and unscripted fare for Snapchat.
Snapchat used at parties and homes more than any other place
According to a recent survey commissioned by Snapchat parent company Snap and conducted by Greenberg Strategy. There’s a huge gap between people who use Snapchat at parties and restaurants, and those who use it at museums and sports stadiums
81 percent of the respondents used Snapchat at home or parties compared to 41 percent who use in sports stadiums and 40 percent who use it at Museums. 80 percent users used snapchat while at restaurants, 73 percent while watching movies and 70 percent while at concerts.
Snap first shared some of these numbers in April, as part of a bid to get more advertisers on its platform. Since then, Wall Street has not indicated that it is convinced by the company’s planned turnaround, with shares closing on Friday more than 8 percent below its March IPO price.
