andhra_jp Posted February 5, 2024 Report Posted February 5, 2024 Snap Becomes Latest Tech Company to Cut Jobs The company laid off more than 500 of its employees on Monday, or about 10 percent of its global work force. Snap, the parent of messaging app Snapchat, on Monday said it would lay off more than 500 employees, joining other tech companies in a wave of new cost-cutting measures. The layoffs amount to 10 percent of its global work force; the majority will occur in the first quarter of 2024. “We have made the difficult decision to restructure our team,” the company said in a securities filing, adding that it would take pretax charges of $55 million to $75 million, primarily for severance and related costs. Quote
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