Snapchat's parent company announces reduction in its global workforce

Ahead of their fourth-quarter results, Snap, the parent company of Snapchat, laid off 528 employees, that is 10% of its global workforce.

The company expects pre-tax charges in the range of $55 million to $75 million, which will mainly consist of severance and related costs. Out of the pre-tax charges, up to $55 million are expected to be future cash expenditures. Most of these expenditures are expected to happen around the first quarter of 2024.

“On February 5, 2024, we announced a plan to reduce our global headcount by approximately 10% of our global full-time employees. 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," Snap said in a filing with the SEC.

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