Tuesday, February 6, 2024

Snap Cuts Staff By 10 Percent

Venice, Caifornia-based Snap Inc., the parent company of Snapchat, says it is cutting 10 percent of its staff. According to an 8-K filing by Snap, it has "a plan to reduce our global headcount by approximately 10% of our global full time employees." The company said it would take a charge of between $55M to $75M as part of the cuts. The company said it is making the cuts to "ensure we have the capacity to invest incrementally to support our growth over time".