Snapchat’s parent company lays off 10 percent of global workforce

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.