ConsumerUS

Snap Layoffs

February 2024

Snap announced a layoff affecting 500 employees (10% of its workforce) in February 2024. The company operates in the Consumer sector.

People Affected

500

Percentage

10%

Announced Date

Feb 5, 2024

About

Snap, the parent company of Snapchat, announced layoffs on Monday, February 5, 2024, cutting approximately 500 employees, which represents about 10% of its global workforce. The social media company stated the restructuring aims to reduce hierarchy and promote in-person collaboration. This move is part of a broader trend of cost-cutting within the tech industry, following Snap's major 2022 layoffs. The company anticipates incurring related charges between $55 million and $75 million. Despite recent challenges in digital advertising, Snap had recently broken a streak of revenue declines.