Co-founder and CEO of Snap Inc. Evan Spiegel attends the Senate Judiciary Committee hearing on online child sexual exploitation at the U.S. Capitol, in Washington, U.S., January 31, 2024.
Nathan Howard | Reuters
Social media company Snap said on Monday that it would lay off 10% of its global workforce, or around 529 employees.
Snap shares were up around 1% in pre-market 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 company expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing.
The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.
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