Snap Inc, the company behind social media platform Snapchat, has announced that it is cutting 10 per cent of its workforce.
Snap told CNBC on Monday that it would lay off roughly 500 employees in a bid to “promote in-person collaboration”.
“We are reorganising our team to reduce hierarchy and promote in-person collaboration,” a Snap spokesperson told the news outlet. “We are focused on supporting our departing team members.”
The last time the company axed a significant portion of its workforce was in 2022, when 20 per cent of staff were let go.
The latest round of cuts comes amidst a wave of redundancies across the technology market, echoing trends seen throughout 2023 following a hiring push during the height of the Covid-19 pandemic.
Already this year, Microsoft has announced plans to lay off 1,900 staff within its gaming business only a month after closing its $69 billion Activision Blizzard takeover deal.
At the end of last month, PayPal said it would be cutting around 2,500 jobs across the business, while it was also revealed that US tech giant Salesforce had plans to lay off around 700 employees.
Additionally, online marketplace eBay said that it would cut just shy of 10 per cent of its global workforce as it looks to reduce costs.
In a letter sent to staff, eBay chief executive Jamie Iannone confirmed that about 1,000 roles would be cut.
Snap’s announcement comes after the company’s chief executive testified before the Senate Judiciary Committee last week. The Committee quizzed a number of social media giants about the impact of their platforms on young people and children.