top line
Social media company Snap announced Monday that it will lay off about 10% of its employees worldwide, becoming the latest technology company to start the year with some job cuts.
important facts
As part of Snap's latest round of job cuts, more than 500 employees will be laid off to “best position our business to execute in line with our top priorities,” according to a regulatory filing. It is said that there are plans to do so.
Snap Inc. said in a regulatory filing that the cuts will result in pre-tax costs of $55 million to $75 million in severance and related expenses and $45 million to $55 million in future cash expenses. Stated.
Snap did not immediately respond to Forbes' request for comment.
big number
Almost 24,000. CNBC reports that many tech workers have been laid off since the beginning of the year from companies like Okta, Zoom, and Microsoft.
Main background
This is the latest in a series of layoffs by social media companies. Snap laid off nearly 20 employees in November and will cut 20% of its workforce in August 2022 in preparation for a restructuring. . Just months after announcing its augmented reality service for businesses, Snap shut down the division last fall because the cost and complexity of the concept was too much for the company to undertake, according to a report by its CEO. Evan Spiegel said in a memo.
tangent
Snap Inc. isn't the only tech company to cut profits in the new year. iRobot announced about 350 job cuts last month, live streaming site Twitch cut about 500 people from its workforce and Microsoft laid off 19,000 employees.
References
Okta, Zoom cut hundreds of jobs – Here's the tech layoffs in 2024 (Forbes)
Send us a safe tip.
