Snap to lay off 10% of global workforce, around 500 employees

Social media company Snap said on Monday that it would lay off 10% of its global workforce, or around 500 employees, in part to “promote in-person collaboration.”

Social media company Snap said on Monday that it would lay off 10% of its global workforce, or around 500 employees, in part to “promote in-person collaboration.”

The Snapchat-maker’s shares fell around 1% in morning trading. The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees.

The company expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing.

The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.

“We are reorganizing our team to reduce hierarchy and promote in-person collaboration. We are focused on supporting our departing team members,” a Snap spokesperson told CNBC.

https://www.nbcnews.com/tech/tech-news/snap-lay-10-global-workforce-500-employees-rcna137250

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