Lay off employees: In the recent past, many small and big companies have announced layoffs. Earlier this year, tech companies like Amazon and Alphabet had conducted layoffs. Now Snap has also been included in this list. It has announced to lay off 10 percent of its employees.
Snapchat ‘s parent company Snap has announced layoffs. The company is going to lay off more than 500 of its employees. This is 10 percent of Snap’s total workforce. In the recent past, many small and big companies have announced layoffs. Earlier this year, tech companies like Amazon and Alphabet had conducted layoffs. Now Snap has also been included in this list. Snap shares were up more than 2 percent before trading hours following the announcement.
Snap has done several rounds of layoffs
Snap has made several rounds of layoffs from 2022 onwards. Recently, it had laid off its product employees in November. Moreover, there were massive layoffs in the company in August 2022. Under this, the company had fired 20 percent of the employees. “We are reorganizing our team to reduce hierarchy and promote personal collaboration,” a Snap spokesperson told CNBC.
There are huge layoffs happening in tech companies
Social media company Snap is the latest tech company to continue layoffs in 2024. Nearly 24,000 tech workers have lost their jobs in January alone. Already this month, cyber security and identity companies Okta and Zoom have laid off employees.
