Snap to Cut 10% , of Global Workforce.
On Feb. 5, Snap Inc. said it will lay
off about 500 employees in an effort to "promote in-person collaboration.".
The news prompted shares to
fall close to 1% that morning. .
Like many tech companies,
Snap has implemented numerous
rounds of job cuts since 2022.
In August 2022, Snap let go of 20% of its staff.
Most recently, Snap laid off about
20 employees on its product team
back in November, CNBC reports. .
Snap expects the current round of layoffs
to cost the company about $55 million
to $75 million, a regulatory filing shows. .
We are reorganizing our team to
reduce hierarchy and promote
in-person collaboration. We are
focused on supporting our
departing team members, Snap spokesperson, to CNBC.
Last October, Snap announced a
$500 million equity buyback program. .
The company's stock price is still lower than its
debut price and its 2021 high of $83, CNBC reports.