Snap, the maker of the social media platform Snapchat, announced it would lay off 10 percent of its global workforce, or about 500 people, to “facilitate in-person collaboration.”
According to one source, the company will lay off 20% of its workforce in 2022, and a small number of employees in its product division in November, but on Monday, with the stock down about 1% in morning trading. A presentation was made. report By CNBC.
A Snap spokesperson told CNBC that the company is “reorganizing its teams to reduce hierarchy and increase in-person collaboration.” “We are focused on supporting our departing team members.”
Snap is expected to incur costs in the range of $55 million to $75 million, according to regulatory filings.
Many have questioned whether the tech industry layoffs announced over the past month or so will herald a broader labor market. Will U.S. jobs follow the path blazed by Silicon Valley? https://t.co/QAMlRaLS2S
— Breitbart News (@BreitbartNews) January 26, 2023
At the time of publication, Snap’s stock price was $16.52 per share, slightly below the company’s debut price of $17 per share and well below its 2021 high of approximately $83 per share. There is.
Last week, Snap CEO Evan Spiegel testified before the Senate Judiciary Committee, where he joined other social media company executives to discuss the issue of child safety on social media platforms. He received criticism from others.
Snap is the latest social media company to further reduce its workforce in 2024.
This month, IT service management company Okta and software company Zoom also laid off employees.
Silicon Valley’s biggest tech companies are importing more than 34,000 foreign H-1B visa workers to fill coveted white-collar jobs in STEM fields, even though the U.S. New analysis reveals that mass layoffs continue. https://t.co/tfbWMag418
— Breitbart News (@BreitbartNews) April 12, 2023
According to CNBC, nearly 24,000 tech workers lost their jobs in January alone.
Meta, meanwhile, implemented what CEO Mark Zuckerberg called a “year of efficiency,” brutally cutting its workforce. Facebook and Instagram Owner Shares increased rapidly After the company announced its first-ever dividend of 20%.
Amazon and Alphabet have also made similar efforts to reduce their workforces in recent years.
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