Snap to lay off 10% of staff, cutting approximately 500 jobs
CNN
Snap Inc, the parent company of Snapchat, said Monday that it is laying off 10% of its staff, becoming the latest tech company to conduct a fresh round of job cuts this year.
Snap Inc, the parent company of Snapchat, said Monday that it is laying off 10% of its staff, becoming the latest tech company to conduct a fresh round of job cuts since the start of the year. Snap disclosed the latest layoffs in a regulatory filing on Monday, saying the cuts will impact approximately 10% of its global full time employees. This equates to roughly 500 jobs. A Snap spokesperson said the cuts were done in part to promote “in-person” work. “We are reorganizing our team to reduce hierarchy and promote in-person collaboration,” the spokesperson said in a statement to CNN on Monday. “We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap.” In a regulatory filing Monday, the company added that the cuts were aimed to, “best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time.” Snap said it estimates it will incur approximately $55 million to $75 million in costs related to the restructuring, primarily consisting of severance expenses. Snap had some 5,367 full time employees as of October 2023. Mass layoffs have roiled the tech sector since 2022, and the job cuts emanating from Silicon Valley have continued to trickle in this year. Since the start of the year, some 30,000 workers in the tech sector have lost their jobs, according to a tally compiled by Layoffs.fyi,
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