On Monday, social media company “Snap” announced that it will lay off 10% of its global workforce, or approximately 529 employees.
Snap’s stocks rose by about 1% in pre-market trading. The company has conducted multiple rounds of layoffs since 2022, with the latest one being in November, where only a small number of employees were let go.
The company expects to incur fees ranging from $55 to $75 million, according to regulatory filings.
The last major round of reductions for the company was in August 2022, when 20% of employees were laid off and its business lines were restructured. (Reuters)
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