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 ...

Snap, parent of Snapchat, said to today it plans to reduce its global headcount of full time employees by about 10%, or more than 500 people, in its latest round of staff cuts amid copious tech sector layoffs from Amazon to Google to Microsoft. “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 an SEC filing. ...

Co-founder and CEO of Snap Inc. Evan Spiegel attends the Senate Judiciary Committee hearing on online child sexual exploitation at the U.S. Capitol, in Washington, U.S., January 31, 2024.Social media company Snap said on Monday that it would lay off 10% of its global workforce, or around 529 employees. Snap shares were up around 1% in pre-market trading. The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees.The company ...

ToplineSnap, the tech company that owns Snapchat, is recalling about 71,000 Pixy Flying Cameras—all of the miniature drones the company sold in 2022—due to a fire risk posed by their lithium ion batteries.The company is offering customers a full refund for the product they discontinued after only four ... [+] months.Getty Images Key FactsAccording to the Consumer Product Safety Commission, at least four customers have complained about the batteries “overheating and bulging,” which caused one minor fire and ...

Analysts on Wall Street project that Snap (SNAP) will announce quarterly earnings of $0.07 per share in its forthcoming report, representing a decline of 50% year over year. Revenues are projected to reach $1.39 billion, increasing 6.7% from the same quarter last year.The current level reflects an upward revision of 10.9% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this ...

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