Snapchat’s owner has laid off roughly 10% of its global workforce, or approximately 530 individuals.
Snapchat’s owner is laying off around 10% of its global workforce, or approximately 530 employees, becoming the latest digital business to do so.
Snap Inc. said in a regulatory filing that it expects $55 million to $75 million in charges, primarily for severance and related expenses. It expects the majority of the expenses to be expended in the first quarter.
This is not the first time Snap has cut workers. In August 2022, the Santa Monica, California-based corporation revealed plans to reduce its global staff by approximately 20%. According to a regulatory filing, it began winding down its AR Enterprise business in the third quarter of 2023, resulting in a 3% reduction in global staff numbers.
Snapchat has an average of 406 million users every day, according to the company’s website. It has over 7 million Snapchat+ subscribers.
Snap is one of numerous companies in the technology industry that have announced layoffs. Microsoft is letting off over 1,900 people in its gaming sector, according to an internal company document. eBay Inc. will reduce approximately 1,000 jobs, or 9% of its full-time staff.
Google also said that it was laying off hundreds of people from its hardware, voice help, and engineering divisions. Other companies that have announced layoffs include TikTok, Amazon’s Twitch and Audible, and Riot Games.
Snap is anticipated to report its fourth-quarter and full-year financial results on Tuesday, following the market close.
Its stock fell 2.7% during Monday afternoon trade.
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