Snap (SNAP.N), opens new tab, stated on Monday that it would lay off about 528 workers worldwide, or 10% of its total employment. Snap’s job layoffs follow those of other digital and media companies.
Prior to the bell, the company’s shares increased by over 2% in trade.
The parent company of Snapchat anticipates pre-tax charges between $55 million and $75 million, mostly from severance and associated expenses, and other charges, of which $45 million to $55 million are anticipated to come from future cash outlays.
It is anticipated that the majority of these expenses would be expended in 2024‘s first quarter.
