Snapchat owner Snap Inc to cut more than 500 jobs
The company is the latest tech firm to announce redundancies in recent months. It employs around 500 staff in the UK but it is unclear at this stage if any of them will be affected.
Monday 5 February 2024 17:40, UK
The owner of Snapchat has become the latest tech firm to announce job cuts.
Snap Inc said it would shed approximately 10% of its workforce - around 530 employees - with most of the roles expected to go in the first quarter.
The disclosure was made in a regulatory filing, which also revealed the company expects to face charges of up to $75m (£60m) in severance payouts and other related costs.
The California-based firm employs more than 5,300 staff globally, including around 500 in the UK.
A Snap spokeswoman told Sky News it was unable to say at this stage if any posts at its London offices would be affected.
She added: "We are reorganising our team to reduce hierarchy and promote in-person collaboration.
"We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap."
Snap Inc previously announced plans to cut around 20% of its workforce in 2022.
Read more from business:
McDonald's sales dented as war boycotts bite
Campaign for tourist tax U-turn 'not just about rich shoppers'
Unemployment rate may be much lower than estimated
Be the first to get Breaking News
Install the Sky News app for free
Around 406 million people use Snapchat every day on average, according to the firm. It also has more than 5 million Snapchat+ subscribers.
Other tech companies to announce job losses recently include Microsoft, which plans to shed 1,900 employees and online retailer eBay, which is planning to cut 1,000 roles.
Meta, the owner of social media brands Facebook and Instagram, also announced 10,000 redundancies last year.
Shares in Snap fell 4% following the announcement on Monday.
The firm is due to reveal its fourth quarter results on Tuesday.