Snap Cutting 10% of Staff to Promote ‘In-Person Collaboration’

Snap, the parent company of Snapchat, is laying off approximately 10 per cent of its global workforce, or 500 jobs.

What’s happening at Snap?

A Snap spokesperson told CNBC that the job cuts are part of a reorganization to “reduce hierarchy and promote in-person collaboration.”

In a regulatory filing on Feb. 5, the social media giant said it expects to incur “pre-tax charges in the range of $55 million to $75 million” — primarily consisting of severance and related costs.

“In order to best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time, we have made the difficult decision to restructure our team.”

The reduction comes just months after the company scaled back the size of its product team in November.

• SEE ALSO: Snap laying off 20% of staff as revenue growth slows

Snap layoffs in Canada

It remains unclear if any Canadian employees will be affected by the latest round of layoffs at Snap.

According to the company’s LinkedIn page, it has more than 130 workers in the country.

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