Snapchat’s parent company, Snap, said in a regulatory filing on Monday that it plans to lay off more than 500 employees.
The company said in a filing with the Securities and Exchange Commission (SEC) that it will reduce its workforce by approximately 10% worldwide. This equates to approximately 540 employees, based on Snap’s latest employee count of 5,367 full-time employees.
“We will restructure our team to best position the business to deliver on our top priorities and ensure the ability to make incremental investments to support long-term growth,” Snapp said in Monday’s filing. I made a difficult decision.”
The last time Snap made significant job cuts was in August 2022, when it announced plans to lay off 20 percent of its global workforce.
The layoffs are the latest for the industry, which has been cutting jobs through 2023 and into early 2024. Microsoft laid off about 1,900 employees in its gaming division last month, and eBay cut more than 1,000 positions.
Snap CEO Evan Spiegel was one of five tech CEOs taken to Congress last week to testify about child safety at home, where he was interviewed by senators from both sides of the aisle. faced gunfire from.
Members of the Senate Judiciary Committee condemned all five companies as Meta CEO Mark Zuckerberg and TikTok CEO Shou Zi Chew faced the brunt of lawmakers’ ire at Wednesday’s hearing. Sen. Lindsey Graham (R.S.C.) denounced the attack, calling it a “blood connection.” in your hands. ”
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