2024-02-05 17:29:00
The social application company Snapchat SNAP INC -1.76% Close: 0 Open: 17.2 High: 17.5 Low: 16.3 Cycle:– Page Quote News Graphs Company profile Recommendations Additional articles on the subject: announced that it will lay off 528 employees, or 10% of the global workforce of the company, following the plan to cut 20% of its workforce that it announced in 2022, after struggling with weaker than expected revenue growth. This is another sign that the many layoffs that occurred in 2023 could continue this year as companies grapple with economic uncertainty.
“In order to best position our business to operate in the sectors most important to us, and to ensure we have the ability to invest incrementally to support our growth over time, we have made the difficult decision to restructure our team,” the company said.
Snapchat’s parent company expects pre-tax charges in the range of $55-75 million, consisting primarily of severance and related costs, with between $45 and $55 million of those charges expected to be future cash expenses. Most of these expenses are expected to appear in the first quarter of 2024.
The company is part of a number of technology companies that followed Musk’s moves on Twitter when he took over the social network and fired about 80% of its employees. Snap also joins technology companies such as Amazon and Alphabet who also announced layoffs the previous month. A total of nearly 32,000 workers have been let go from 122 tech companies since the beginning of the year and it doesn’t look like it’s going to stop anytime soon.
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#Snapchat #lay #workforce