Snap to lay off 10% of global workforce, around 500 employees

Source: CNBC

“Social media company Snap said Monday that it will lay off 10% of its global workforce, or around 500 employees, in part to ‘promote in-person collaboration.’ The Snapchat maker’s shares fell nearly 3% in morning trading. The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees. … The social media platform is the latest tech company to continue cutting in 2024. Nearly 24,000 tech workers lost their jobs in January alone. Already this month, cybersecurity and identity company Okta and Zoom have laid off staff.” (02/05/24)