Social media giant Snap, the parent company of Snapchat, has announced plans to cut approximately 10% of its workforce. This comes as Snap prepares to report its fourth-quarter results, following a net loss of $368m in the previous quarter. The company stated that the job cuts are intended to reduce hierarchy and promote in-person collaboration. It is unclear if any of the cuts will affect the firm’s UK employees. Jasmine Enberg, a social media analyst, believes that the layoffs do not bode well for Snap’s business, especially in comparison to rival Meta’s recent success. Snap has struggled to expand beyond Snapchat and has closed divisions that offered augmented reality services. These job cuts come as other tech companies, including Meta and Google, are also implementing cost-cutting measures. In 2023, the tech industry saw over 232,000 job cuts.
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