Snap Announces 10 Percent Job Cuts as Tech Layoffs Continue in 2024

Published on February 6, 2024

Snap Inc., the parent company of Snapchat, will be terminating over 500 workers, becoming the latest tech company to lay off a large number of employees this year. “On February 5, 2024, we announced a plan to reduce our global headcount by approximately 10 percent of our global full-time employees,” Snap said in a filing with the U.S. Securities and Exchange Commission (SEC) on Monday. At the end of the third quarter (Q3) in 2023, Snap had 5,367 employees. As such, a 10 percent cut would mean approximately 536 workers being laid off. Snap justified the decision, stating that it was necessary to “best position our business to execute on our highest priorities” and to ensure that the company had the “capacity to invest incrementally to support our growth over time.”...

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