Snap will be undergoing a 10% workforce cut as the tech company announces layoffs, equating to around 529 employees.
CEO Evan Spiegel expects the company will incur charges ranging from $55 million to $75 million as a result of the cuts, according to a regulatory filing.
“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 the filing.
The cuts come amid a wave of tech layoffs, as Spotify announced in December it was cutting 17% of its staff, YouTube laid off 100 staffers earlier this month, Microsoft just announced it’s cutting 1,900 Activision Blizzard employees after completing its acquisition and Amazon cut back in its Prime Video and MGM divisions last month.
Snap is due to release its Q4 earnings later on Monday.
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