Snap Inc. says it’s cutting 10 percent of its workforce – The Hollywood Reporter

Another day, another round of technical layoffs.

Snapchat owner Snap said on Monday it will cut 10 percent of its global workforce.

“To best position our business to execute on our top priorities, and to ensure we have the resources to support our growth over time,” the company wrote in a securities filing disclosing the news. We have the ability to make incremental investments, we have taken a difficult decision.” To restructure our team.”

Snap, led by CEO Evan Spiegel, says it expects to take a charge of $55 million to $75 million in connection with the reduction.

Snap spokesperson said hollywood report“We are restructuring our team to reduce hierarchy and promote personal collaboration. We are focused on supporting our departing team members and we are extremely grateful for their hard work and many contributions to Snap.

Snap’s cuts come amid a massive wave of layoffs at tech companies, with business lines tied to the world of media and entertainment particularly hit. Amazon laid off hundreds of people at its Prime Video and MGM divisions last month, with Alphabet-owned YouTube also laying off staff. Spotify announced plans to cut 17 percent of its global workforce in December, while Microsoft laid off 1,900 employees at Activision Blizzard after completing its acquisition of the game studio.

As generic AI investments in tech companies continue to grow, and the advertising market still faces challenges, companies are reevaluating their investments and corporate structures.

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