Friday, May 17, 2024
HomeTechnologySnap plans to fire 10% of its worldwide workers.

Snap plans to fire 10% of its worldwide workers.

Snap (SNAP.N), opens new tab, stated on Monday that it would lay off about 528 workers worldwide, or 10% of its total employment. Snap’s job layoffs follow those of other digital and media companies.

Prior to the bell, the company’s shares increased by over 2% in trade.

The parent company of Snapchat anticipates pre-tax charges between $55 million and $75 million, mostly from severance and associated expenses, and other charges, of which $45 million to $55 million are anticipated to come from future cash outlays.

It is anticipated that the majority of these expenses would be expended in 2024‘s first quarter.

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