The owner of Snapchat is cutting about 10% of its worldwide workforce, or about 530 employees, the latest tech company to announce layoffs.
Snap said in a regulatory filing that it currently estimates 55 million dollars (£44 million) to 75 million dollars (£60 million) in charges, mostly for severance and related costs.
It expects the majority of the costs to be incurred in the first quarter.
This is not the first time Snap has eliminated jobs. The Santa Monica, California-based company announced in August 2022 that it planned to cut about 20% of its global workforce.
In the third quarter of 2023 it began winding down its AR Enterprise business, which included reducing its global employee headcount by about 3%, according to a regulatory filing.
There are about 406 million daily users of Snapchat, according to Snap’s website. It has more than five million Snapchat+ subscribers.
Snap is among several in the tech industry announcing layoffs.
Microsoft is laying off some 1,900 employees in its gaming division, according to an internal company memo.
Online retailer eBay will cut about 1,000 jobs, or an estimated 9% of its full-time workforce.
Google has said that it was laying off hundreds of employees working on its hardware, voice assistance and engineering teams.
Other companies that have announced layoffs include TikTok, Amazon divisions Twitch and Audible and Riot Games.
Snap is expected to report its fourth-quarter and full-year financial results on Tuesday after the market close.
Its stock declined more than 3.7% in Monday morning trading.
