Snap Just Laid Off Over 20 Employees From This Unit

Snap’s team of employees is getting smaller.

The company has laid off two dozen employees and half were from its content team according to a report from Cheddar.

The employees laid off were in New York and London and half were producing content for the social media company.

In Snap’s third quarter report it was reported that the company has almost 3,000 employees.

The job slashes come after a recent report indicated that the company is essentially used just for messaging.

According to a report based on confidential company metrics, it appears that only 20% of users who use Snapchat are using Snap’s Discovery Edition daily.

Analysts have been cutting their price targets and views on the stock as the company’s third quarter revenue and user numbers didn’t meet analysts expectations.

Many analysts are concerned about the company’s new Snapchat redesign.

Snap is expected to report its next earnings report after the market closes on Tuesday, February 6th.

Disclaimer: We have no position in Snap Inc. (NYSE: SNAP) and have not been compensated for this article.