Snap to lay off 10% of its workforce

Snap said on Monday it would cut around 528 employees, or 10% of its global workforce, a sign that the spate of layoffs seen in 2023 could persist as firms grapple with economic uncertainty.

“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,” Snap said.

The Snapchat parent expects pre-tax charges in the range of $55 million to $75 million, primarily consisting of severance and related costs, and other charges, of which $45 million to $55 million are expected to be future cash expenditures.