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 since the start of the year.
Posted — UpdatedSnap 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.
“In order 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, we have made the difficult decision to restructure our team,” the company said in a regulatory filing Monday.
Snap said it estimates it will incur approximately $55 million to $75 million in costs related to the restructuring, primarily consisting of severance expenses.
The latest job cuts at Snap come after the company said in August 2022 that it was cutting some 20% of its global employees, equating to roughly 1,200 jobs at the time.
This is a developing story. Please check back for updates.
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