Snap To Lay Off Around 500 Employees

Snap has revealed plans to lay off 10 per cent of its global full-time employees. "In order 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, we have made the difficult decision to restructure our team," according to a SEC filing.

The 10 per cent reflects approximately 540 of the 5,367 employees reported as of the end of the third quarter of 2023.

The latest job layoffs come after Snap let off 20 per cent of its workforce, or roughly 1,300 employees, in August 2022 and announced the discontinuation of many initiatives, including the Snapchat original series. Snap announced the dismissal of approximately 20 product managers in November 2023, as part of a considerably smaller wave of cuts.