Snap to lay off 'appriximately' 10% of its workforce

Although it's not certain if job cuts will affect UK, over 500 employees of Snap are working there
An undated image displaying Snap Inc in text. — Snap
An undated image displaying Snap Inc in text. — Snap

Snap Inc, Snapchat's parent company, is going to lay off "appriximately" 10 per cent of its staff, maintaining the persistent streak of job cuts being observed in the sphere of technology.

The social media giant in November last year reported to have a workforce of 5000 people, which indicates that around 500 employees will be affected by the layoff spell. 

The development comes a day before Snap reports its fourth-quarter results, with the company expecting from the layoff to "reduce hierarchy and promote in-person collaboration."

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"We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap," a company spokesperson said.

Although it's not certain if the layoff will affect the UK, over 500 employees of the company are working there, BBC cited the firm as announcing.

"Snap is likely trying to garner some goodwill with investors, who rewarded its competitor for its cost-cutting measures and its continued 'do more with less' mantra going into 2024," said Jasmine Enberg, principle social media analyst at Insider Intelligence.

Snap's advertising revenues have been "slow to recover from the digital ad slowdown," Enberg added.

Snap's latest lay off wave is the second since August 2022 when the company laid off about 20pc of its workforce, with tech giants like Meta and Google have been struggling to strike the midpoint of cost effectiveness and competence., a company that keeps the record of lay offs in tech sector, noted that the year 2023 brought 232,000 job cuts in the face of industry,