Snap Inc. to Lay Off 10% of Workforce Amid Restructuring Efforts

The social media company expects to incur up to $75 million in charges, primarily for severance, as it aims to streamline operations and boost collaboration.

Snap Inc. announces plans to lay off approximately 10% of its global workforce, impacting around 500 employees.
The layoffs are part of Snap's efforts to restructure its team, reduce hierarchy, and promote in-person collaboration.
The company expects to incur charges between $55 million and $75 million, primarily for severance and related costs.
Snap's decision follows a series of layoffs in the tech industry, with over 30,000 positions cut worldwide in 2024.
The layoffs come as Snap continues to face challenges in the digital advertising market and competition from other social media platforms.