Snap lays off 10% of employees – Kommersant
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Technology company Snap, which owns the messaging app Snapchat, announced about plans to cut 10% of employees – more than 500 people. The company said this is necessary so that Snap can invest in business growth and achieve its priority goals. The company also announced that it is going to reorganize some of its teams.
That makes Snap the latest tech company to announce layoffs this year. Previously reportedthat Google and Amazon are laying off hundreds of workers. According to service estimates layoffs.fyi, since the beginning of the year, technology companies have announced the layoffs of almost 32 thousand employees. Large-scale cuts in this sector, which started in 2022, amid ongoing economic instability continue. According to Layoffs.fyi, more than 165 thousand workers were laid off in 2022, and almost 263 thousand in 2023. Snap in 2022 has already laid off 20% of its employees, or 1.3 thousand people.
Snap shares fell 2% today.
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