Snap lays off 10% of workforce in tech sector bloodbath

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 ...