Snap, the Owner of Snapchat, Is Laying Off About 10 Percent of Its Global Workforce

Snap, the Owner of Snapchat, Is Laying Off About 10 Percent of Its Global Workforce
The icon for instant messaging app Snapchat is seen on a smartphone in Marple Township, Pa., on Feb. 28, 2023. Matt Slocum/AP Photo
The Associated Press
Updated:

The owner of Snapchat is cutting approximately 10 percent of its worldwide workforce, or about 530 employees, the latest tech company to announce layoffs.

Snap Inc. said in a regulatory filing that it currently estimates $55 million to $75 million in charges, mostly for severance and related costs. It expects the majority of the costs to be incurred in the first quarter.