Snap’s announcement laying off “approximately” 10% of its global workforce comes a day before it reports its latest quarterly results.
“We are reorganizing our team to reduce hierarchies and promote in-person collaboration,” a Snap spokesperson explained in a note.
The company had just over 5,300 employees at the beginning of November last year, according to its own data.
“We are focused on supporting our outgoing team members and are very grateful for their hard work and many contributions to Snap,” the company said.
Snap had previously cut 20% of its staff in 2022.
In recent years, the company has struggled to compete for advertising revenue against major rivals such as Meta’s Instagram network, as well as the YouTube and TikTok platforms, owned by the giant Google.
After its launch in 2011, Snapchat became a hit, particularly among young smartphone users, by allowing people to share moments in the form of photos or videos in messages that self-destruct after being viewed.
It also innovated with the use of filters for shared content, but its expansion into hardware such as drones and virtual glasses failed to advance.
According to the website layoffs.ai, which closely follows the industry, 32,000 jobs have been lost so far since January 1 in the technology sector.
Source: With information from AFP.
