Snap slashes 500+ jobs to ‘reduce hierarchy’
- Thursday, February 8th, 2024
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Snapchat’s parent company, Snap, has become the latest tech firm to announce job cuts.
As a result, the platform revealed 10% of its workforce- around 530 employees- are expected to go in the first quarter.
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The layoffs were announced in a regulatory filing, which also revealed the firm expects to face charges of around £60 million in severance payouts and other related costs.
The filing noted: “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.
“As a result, we currently estimate that we will incur pre-tax charges in the range of $55 million to $75 million, primarily consisting of severance and related costs, and other charges, of which $45 million to $55 million are expected to be future cash expenditures.”
This comes as other tech firms including Twitch, Meta and Google have all recently announced a raft of job cuts.
Rival TikTok also announced it was making job cuts, laying off at least 60 employees in its sales and advertising division.