Snap to Cut 10% 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.

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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.

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Snap expects the current round of layoffs to cost the company about $55 million to $75 million, a regulatory filing shows.

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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.

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The company's stock price is still lower than its debut price and its 2021 high of $83, CNBC reports.