(Reuters) – Snap, parent company of the social network Snapchat, announced on Monday that it would cut around 528 jobs, or 10% of its global workforce, joining other technology and media companies that have recently announced job cuts.
“In order to best position our business to deliver on our priorities and ensure we have the ability to incrementally invest to support our growth over time, we have made the difficult decision to restructure our team,” said Snap.
Snap shares fell 1.7% in early trading on the New York Stock Exchange.
Snap expects a pre-tax charge of between $55 million and $75 million (€51.2 million to €69.8 million), which will mainly consist of severance pay and related costs.
The majority of these costs are expected to be incurred during the first quarter of 2024.
(Reporting Samrhitha Arunasalam in Bangalore; French version Diana Mandiá, edited by Blandine Hénault)
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