Social media company Snap said on Monday that it would lay off 10% of its global workforce, or around 529 employees.
Snap shares were up around 1% in pre-market trading. The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees.
The company expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing.
The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.
This is a developing story. Please check back for updates.
Source: | This article originally belongs to Nbcnews.com
