Tech layoffs 2024: Snap to lay off 10% of employees

(Reuters) – Snap said on Monday it would cut around 528 employees, or 10% of its global workforce, a sign that the spate of layoffs seen in 2023 could persist as firms grapple with economic uncertainty.

“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.

The Snapchat parent expects pre-tax charges in the range of $55 million to $75 million, primarily consisting of severance and related costs, and other charges, of which $45 million to $55 million are expected to be future cash expenditures.

The majority of these costs are expected to be incurred during the first quarter of 2024.

Snap joins several other tech and media firms such as Amazon and Alphabet that announced layoffs in January.

Overall, almost 32,000 workers have been let go of in 122 tech companies since the start of the year, according to tracking website Layoffs.fyi.

The tech sector shed 168,032 jobs in 2023 and accounted for the highest number of layoffs across industries, according to a report by Challenger, Gray and Christmas earlier this month. That included more than 10,000 cuts at Microsoft.

—By Samrhitha Arunasalam, Reuters

https://www.fastcompany.com/91023808/tech-layoffs-2024-snap-lay-off-10-percent-employees?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss

созданный 1y | 5 февр. 2024 г., 19:10:10


Войдите, чтобы добавить комментарий

Другие сообщения в этой группе

Linda Yaccarino was supposed to tame X. Elon Musk wouldn’t let her

Some news stories are gobsmackingly obvious in their importance. Others are complete nonstories. So what to make of the

9 июл. 2025 г., 19:10:07 | Fast company - tech
Apple’s next CEO: A new look at Tim Cook’s potential successors after latest exec shakeup

Yesterday, Apple unexpectedly announced the most radical shakeup to its C-suite in years. The company revealed that Jeff Williams, its current chief operating officer (COO), will be departing the

9 июл. 2025 г., 16:40:09 | Fast company - tech
PBS chief Paula Kerger warns public broadcasting could collapse in small communities if Congress strips federal funding

As Congress moves to make massive cuts to public broadcasting this week, Paula Kerger, president and CEO of the Public Broadcasting Service (PBS), gives an unflinching look at the organization’s f

9 июл. 2025 г., 14:30:04 | Fast company - tech
These personality types are most likely to cheat using AI

As recent graduates proudly showcase their use of ChatGPT for final projects, some may wonder: What kind of person turns to

9 июл. 2025 г., 14:30:04 | Fast company - tech