Snapchat has announced plans to lay off approximately 10% of its global workforce, or approximately 530 employees, in a move that is consistent with recent tech industry trends.
Lay off approximately 10%
The California-based company, best known for its popular multimedia messaging app, cited restructuring efforts as the primary reason for the decision.
According to Sky News’ sources, the majority of the job cuts are expected to take place in the first quarter of this year.
Snapchat expects to spend up to $75 million on severance benefits and related expenses as part of its restructuring process.
Over 5,300 employees worldwide
With over 5,300 employees worldwide, Snapchat’s decision to downsize is a significant change for the company. Around 500 of its global employees are based in the United Kingdom (UK), raising concerns about the potential impact of layoffs in that region.
A Snap spokesperson acknowledged the reorganisation efforts, emphasising a focus on reducing hierarchy and encouraging in-person collaboration among team members.
The spokesperson also expressed appreciation for departing employees’ contributions, emphasising their efforts and dedication to the company.
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