Snap Company fires 10% of its employees

 

The company stated that it would pay the end-of-service compensation of its employees, which ranged from 55 to 75 million US dollars before taxes, as well as other related fees exceeding 50 million US dollars, as a result of the team restructuring, which it justified as a necessary step to "drive growth." According to the company, these expenses will be shown in the financial results for the first quTen percent of Snap Inc.'s workforce, or over 500 individuals, were let go, the company that owns the Snapchat platform.arter of this year.

The business emphasized its support for the departing employees and its gratitude for their work and contributions to the company in formal remarks posted to the TechCrunch technical website. The company also stated that it is rearranging the work team to "reduce hierarchy and enhance personal cooperation."

After a first wave of layoffs in which a lesser number of employees in the product division were let go late last year, there is currently a second round occurring in a few months. Less than a year later, the company lost its corporate services section as well, and its investments in the hardware industry have not yet paid off.

On the other side, the subscription service Snapchat+ is seeing a growth in subscribers, with more than 7 million by the end of last year.

Snap also dismissed 20% of its staff in the prior year 2022.

The number of personnel terminated in the technical sector reached roughly 170,000 in 2023, and dismissals continued at the start of this year, with more than 30,000 people sent off in January of last year.