Snap to lay off 10% of global workforce, around 500 employees
Publishing timestamp: 2024-02-05 10:43:27
Summary
Snap Inc. has announced that it will lay off 10% of its global workforce, around 500 employees, in order to promote in-person collaboration. This is not the first time the company has implemented layoffs, as it also cut 20% of its staff in 2022. The company expects to incur charges of $55 million to $75 million due to the layoffs. Snap's shares fell nearly 3% in response to the news. Other tech companies, such as Zoom and Okta, have also recently laid off staff.
Sentiment: MIXED
Tickers: AMZN, SNAP, META, GOOGL, OKTA, GOOG, ZM,
Keywords: layoffs, internet, evan spiegel, business news, meta platforms inc, amazon.com inc, alphabet class c, okta inc, breaking news: technology, zoom video communications inc, alphabet inc, social media, personnel, labor economy, snap inc,