Snap to Cut 10% of Global Workforce as Layoffs Continue in the Tech Industry

Published: 05 February 2024 at 16:39

Snap, the parent company of Snapchat, announced that it will be cutting around 528 employees, representing 10% of its global workforce. This comes as tech companies like Google, Amazon, and Microsoft have also been laying off workers to reduce costs amid economic uncertainty. Snap expects pre-tax charges of $55 million to $75 million, primarily consisting of severance and related costs. The tech sector saw the highest number of layoffs across industries in 2023 and has continued to shed jobs in 2024.

SOURCES

Snap to lay off 'approximately' 10% of its staff

https://www.facebook.com/bbcnews

Snap to cut 10% of global workforce

Fox News

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

NBC

Snap, the owner of Snapchat, is laying off about 10% of its global workforce

Michelle Chapman

Snap is cutting 10 percent of its staff

Jacob Kastrenakes

Snapchat's parent lays off 10% of workforce in order to 'reduce hierarchy,' says company

Sarah Perez

Snap is laying off 10 percent of its workforce

Engadget

Snapchat cuts 10% of workforce - around 528 jobs

Daniel Jones