Snap, the mother or father firm of Snapchat, plans to put off greater than 500 workers, it revealed Monday in a regulatory submitting.
The social media firm will minimize its international workforce by about 10 p.c, it stated within the submitting with the Securities and Change Fee (SEC). This interprets to about 540 workers, based mostly on Snap’s most up-to-date headcount of 5,367 full-time employees.
“With the intention to finest place our enterprise to execute on our highest priorities, and to make sure we’ve the capability to take a position incrementally to help our progress over time, we’ve made the troublesome choice to restructure our crew,” Snap stated in Monday’s submitting.
Snap final made important cuts in August 2022, when it introduced plans to put off 20 p.c of its international workforce.
The layoffs are the newest for the trade, which has repeatedly made cuts all through 2023 and into early 2024. Microsoft laid off about 1,900 employees in its gaming unit final month, and eBay minimize greater than 1,000 positions.
Snap CEO Evan Spiegel was one among 5 tech CEOs hauled earlier than Congress final week to testify about kids’s security on their platforms, the place they confronted a grilling from senators on either side of the aisle.
Whereas Meta CEO Mark Zuckerberg and TikTok CEO Shou Zi Chew confronted the brunt of lawmakers’ ire at Wednesday’s listening to, members of the Senate Judiciary Committee slammed all 5 firms, with Sen. Lindsey Graham (R-S.C.) accusing them of getting “blood in your palms.”
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