“We Are Reorganising…”: Snapchat Parent Company To Lay Off 10% Of Its Staff Globally
Social media giant Snap, which operates Snapchat, has announced plans to lay off approximately 10% of its staff. According to CNN, the company disclosed the latest layoff in a regulatory filing on Monday, saying that the move will impact approximately 10% of its global full-time employees.
This equates to roughly 500 jobs. Snap also said that the layoff would “reduce hierarchy and promote in-person collaboration”.
“We are reorganising our team to reduce hierarchy and promote in-person collaboration,” a Snap spokesperson told CNN. “We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap,” they added.
In the regulatory filing, Snap also stated that the cuts were aimed to, “best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time”. In its filing, it said the cuts would be “subject to local law and consultation requirements” in each country, which could extend the process.
The social media giant also stated that it estimates it incur approximately $55 million to $75 million in costs related to the restructuring, primarily consisting of severance expenses. The outlet reported that Snap had some 5,367 full-time employees as of October 2023.
