Snap To Lay Off 10% of Global Workforce

Social media company Snap said on Monday that it would lay off 10% of its global workforce, or around 500 employees, in part to 'promote in-person collaboration.' From a report: The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees. The company expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing. The company's last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.

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