Snapchat owner lays off 10% of its total workforce –

The latest major company to face layoffs has been announced Snap, the owner and operator of social media Snapchat. According to BBC News, the company is laying off about 10% of its total workforce, which reportedly amounts to about 500 people losing their jobs.
This decision comes right alongside Snap publishing its latest quarterly financial results, in which the company revealed losses equal to just £300 million. This downsizing of the workforce is part of Snap’s efforts to reduce its hierarchy, which has yet to prove effective, as the company also had to lay off about 20% of its total employees in August 2022.

Outside the gaming sector, Snap has now joined Google and Meta as major companies reducing its workforce, with Twitch and Discord among other technology companies making similar changes.