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Snap, the parent company of Snapchat, is joining other tech companies in implementing cost-cutting measures by laying off over 500 employees. This amounts to around 10% of the company's global workforce and the majority of the layoffs will take place in the first quarter of 2024. Snap expects to incur pretax charges of $55 million to $75 million for severance and related costs.
We have made the difficult decision to restructure our team, the company said in a securities filing...
In 2022 alone, Snap reduced its workforce by 20% and discontinued several products. The company has also shut down divisions and laid off employees in efforts to streamline operations and cut costs. The layoffs announced now are another step in Snap's ongoing restructuring and cost-cutting efforts.
In 2022, Snap cut 20 percent of its work force, or 1,300 jobs, and also discontinued at least six products. It let go nearly 20 product managers in November and in September shut a division that sells augmented reality products to businesses, laying off 170 people.