Snap Inc, the parent company of Snapchat, said Monday that it is laying off 10% of its staff, becoming the latest tech company to conduct a fresh round of job cuts since the start of the year. Snap disclosed the latest layoffs in a regulatory filing on Monday, saying the cuts will impact approximately 10% of its global full time employees. Snap said it estimates it will incur approximately $55 million to $75 million in costs related to the restructuring, primarily consisting of severance expenses. Mass layoffs have roiled the tech sector since 2022, and the job cuts emanating from Silicon Valley have continued to trickle in this year. The company also cut approximately 3% of its staff last year, after it announced it was shuttering its AR Enterprise business, per a regulatory filing.

Source: CNN February 05, 2024 16:29 UTC