Snapchat’s parent company Snap is laying off another 10% of its workers.
Snapchat, Tyler Le/Insider
Snap is planning another round of layoffs.In a regulatory filing dated Monday, Snap said it would slash 10% of its workforce.It’s the latest tech company to make cuts in 2024.
Snap announced another round of layoffs on Monday, the latest for Snapchat’s parent company.
The company said in a regulatory filing that it would cut 10% of its workforce.
“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 CFO Derek Andersen wrote.
Two workers at the social media company previously told Business Insider’s Kali Hays that several dozen Snap staffers were let go on Friday and more cuts were expected.
Snap — which had laid off 20% of its staff in 2023 — is pushing its own augmented reality device that is now competing with Apple’s Vision Pro and Meta’s Quest devices. Meanwhile, BI previously reported the company has struggled to deal with shifts in the digital ad market and fierce competition from TikTok and Meta.
It’s the latest company to make cuts in what’s been a brutal start to 2024 for tech workers.