Social media firm Snap (NYSE:SNAP) will lay off approximately 500 employees or 10% of its global workforce. Almost immediately, SNAP stock fell sharply. Since 2022, Snap layoffs have represented a rather burgeoning development. Also, the headcount reduction within the technology ecosystem clashes with the broader bullish sentiment for the U.S. economy.According to a CNBC report, Snap anticipates that it will incur charges ranging from $55 million to $75 million, based on a regulatory filing. In November, th ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: The icon for instant messaging app Snapchat is seen on a smartphone, Feb. 28, 2023, in Marple Township, Pa. The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 528 employees, just the latest tech company to announce layoffs. Snap Inc. said in a regulatory filing that it currently estimates $55 ...

The owner of Snapchat has become the latest tech firm to announce job cuts.Snap Inc said it would shed 10% of its workforce - around 530 employees - with most roles expected to go in the first quarter. The disclosure was made in a regulatory filing, which also revealed the company expects to face charges of up to $75m (£60m) in severance payouts and other related costs.The California-based firm employs more than 5,300 staff globally, including around 500 in the UK.A Snap spokeswoman told Sky News it was una ...

Snap is planning another round of layoffs.In a regulatory filing dated Monday, Snap said it would slash 10% of its workforce.It's the latest tech company to make cuts in 2024. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy ...

ToplineSnap is laying off about 10% of its employees worldwide, the social media company announced Monday, becoming the latest tech company to start the year off by cutting some of its workforce.The social media company joins Microsoft, Zoom, Okta and others that have laid employees off in the ... [+] new year.Drew Angerer/Getty Key FactsMore than 500 employees will be laid off as part of Snap’s latest round of cuts in order to “best position our business to execute on our highest priorities,” according to ...

Snap said Monday it will lay off 10% of its workforce, adding to an ongoing bloodbath among US tech giants since the start of the year.Snap said it expects to incur pre-tax charges “in the range of $55 million to $75 million” as a result of the cuts. The costs are “primarily consisting of severance and related costs,” with the majority expected to be reflected in the company’s first-quarter results, according to a regulatory filing.“In order to best position our business to execute on our highest prioritie ...

Snap Inc. said on Monday that it plans to cut 10% of its global workforce. "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 announced in a Securities and Exchange Commission filing Monday. The parent company of social media platform Snapchat said it expects to incur charges between $55 million and $75 million during ...

Snap Inc. plans to conduct a new round of layoffs as part of a restructuring. Snapchat’s parent company intends to cut about 10% of its staff “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,” it said in a Monday morning filing with the Securities and Exchange Commission. ...

Snapchat maker Snap is the latest tech company to conduct layoffs with its newly announced plans for a 10% workforce reduction, the company said on Monday. The layoffs would impact roughly 500-plus employees, based on headcount figures Snap released in November 2023, when it saw small-scale layoffs of its then north of 5,000 employees.The layoffs were announced in an SEC filing, where Snap explained the move was necessary to support its further growth.“In order to best position our business to execute on ou ...

Snap Inc (NYSE: SNAP) opened in the green this morning after announcing plans of lowering its headcount by some 10%.How many employees will be let go?Copy link to sectionThe social media and tech company will let go about 529 of its employees in total. Snap expects the layoff to result in up to $75 million in charges, as per its regulatory filing on Monday. Note that it’s not the only tech company to have announced a job cut this year.Others, including Okta and even Microsoft Corp has recently lowered their ...