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Feb 5 (Reuters) – Snap Inc. said on Monday it will cut about 528 employees, or 10% of its global workforce. This suggests the wave of layoffs seen in 2023 could continue as companies grapple with economic uncertainty.
“We have made the difficult decision to restructure our team to best position the business to deliver on our top priorities and ensure our ability to make incremental investments to support long-term growth,” Snapp said in a statement. I gave up,” he said.
Snapchat's parent company expects pre-tax expenses to be in the range of $55 million to $75 million, consisting primarily of severance, related expenses and other expenses, of which $45 million to $55 million will be future cash expenses. It is expected that this will happen.
The majority of these costs are expected to be incurred during the first quarter of 2024.
Snap joins several other technology and media companies, including Amazon and Alphabet, that announced job cuts in January.
In all, about 32,000 workers have been laid off at 122 tech companies since the start of the year, according to tracking website Layoffs.fyi.
The tech industry cut 168,032 jobs in 2023, accounting for the highest number of layoffs across industries, according to a report from Challenger, Gray and Christmas earlier this month. That includes cutting more than 10,000 jobs at Microsoft.
(Reporting by Samrita Arunasaram in Bengaluru; Editing by Krishna Chandra Eluri)
