Snap says it is cutting around ten percent of its workforce globally to focus on the company’s “biggest priorities.” By mid-2022, twenty percent of employees had already been dismissed.
The layoffs should allow the company to better invest in growth, says the company behind Snapchat. In addition, the company wants to reduce hierarchy within Snap and promote collaboration, the company told The Verge. Snap expects the layoffs to cost up to $75 million, for example for severance payments. Snap had approximately 6,400 employees as of August 2022.