Snapchat recently announced plans to lay off 10% of its global workforce, impacting roughly 500 employees. This news follows a similar move in August 2022, where the company cut 20% of its staff. The company has also shut down some side projects and made other moves to reduce costs.
Snapchat, a company that makes a popular messaging and pictures sending app, is letting go of about 10% of its workers worldwide. This means around 530 people will lose their jobs. A big blowout to the workforce of the social media giant.
The company, based in California, says it needs to reorganize, which is why they’re cutting jobs. Most of these job cuts will happen in the first part of the year.
Snapchat expects to spend about $75 million to help the employees who are losing their jobs.
Snapchat has more than 5,300 workers around the world, with about 500 of them in the United Kingdom. This makes people wonder how the layoffs will affect that area.
Snapchat has faced various challenges recently, including slowing ad revenue and competition from other platforms. The company has also shut down some side projects and made other moves to reduce costs.
A spokesperson for Snapchat says they’re trying to make the company more efficient and encourage teamwork. They also thanked the employees who will be leaving for their hard work.
Even though Snapchat is still very popular, with about 406 million people using it every day, they’re not the only tech company cutting jobs. Other big companies like Microsoft and eBay have also done this recently.
Meta, the company that owns Facebook and Instagram, announced last year that they were getting rid of 10,000 jobs. After Snapchat’s announcement, the value of the company’s shares went down by 4% on Monday. This shows that investors are worried about how these changes will affect Snapchat.
Snapchat will share how well it did in the last three months of the year on Tuesday. People are eager to see how these changes will affect the company’s finances.
It’s still too early to say what the long-term impact of these layoffs will be on Snapchat. However, it’s a significant development for the company and the social media industry as a whole.
