Posted on 02/06/2024 6:45:50 AM PST by Sam77
The parent company of Snapchat — Snap — is laying off about 10 percent of its workforce as layoffs continue to stalk the tech sector.
Snap announced the cut Monday, which will impact more than 500 employees, according to TechCrunch, which noted that as of last year’s third quarter, Snap had 5,367 workers.
“In order to best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time, we have made the difficult decision to restructure our team,” the company said in a Securities and Exchange Commission filing.
“As a result, we currently estimate that we will incur pre-tax charges in the range of $55 million to $75 million, primarily consisting of severance and related costs, and other charges, of which $45 million to $55 million are expected to be future cash expenditures,” the filing said.
(Excerpt) Read more at westernjournal.com ...
“You can lay me off, I have three reports!”
Hard to believe their market cap is still $28 billion
I didn’t know Snapchat was still a thing.
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