Snap, the owner of Snapchat, is laying off about 10 per cent of its global workforce
Santa Monica (US), Feb 5: The owner of Snapchat is cutting approximately 10 per cent 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 USD 55 million to USD 75 million in charges, mostly for severance and related costs. It expects the majority of the costs to be incurred in the first quarter.
This isn't the first time Snap has eliminated jobs. The Santa Monica, California-based company announced in August 2022 that it planned to cut about 20 per cent of its global workforce.
In the third quarter of 2023, it began winding down its AR Enterprise business, which included reducing its global employee headcount by approximately 3 per cent, according to a regulatory filing.
There are 406 million daily average users that use Snapchat every day, on avarege, according to Snap's website. It has more than 5 million Snapchat+ subscribers.
Snap is among several in the tech industry announcing layoffs. Microsoft is laying off some 1,900 employees in its gaming division, according to an internal company memo. Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9 per cent of its full-time workforce. And Google has said that it was laying off hundreds of employees working on its hardware, voice assistance and engineering teams. Other companies that have announced layoffs include TikTok, Amazon divisions Twitch and Audible and Riot Games.
Snap is expected to report its fourth-quarter and full-year financial results on Tuesday after the market close.
Its stock declined more than 3.7 per cent in Monday morning trading.
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PM Modi pays tributes to those killed in Jallianwala Bagh massacre
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New Delhi (PTI): Prime Minister Narendra Modi on Monday paid homage to those killed in the Jallianwala Bagh massacre in 1919, and said their sacrifice stands as a powerful reminder of the indomitable spirit of the people of India.
Modi also said the saga of those killed in the massacre, their indomitable courage and self-respect against the barbarity of foreign rule will continue to inspire every generation of the nation.
"On this day, we pay our heartfelt homage to the brave martyrs of Jallianwala Bagh. Their sacrifice stands as a powerful reminder of the indomitable spirit of our people. The courage and determination they displayed continue to inspire generations to uphold the values of liberty, justice and dignity," Modi said in a post on X.
Hundreds of people protesting peacefully against the Rowlatt Act, which granted the
colonial administration repressive powers, were gunned down by British forces without any provocation on this day in 1919 at a garden in Amritsar.
While the official figure put the number of dead at 379, freedom movement leaders had claimed that several hundreds more died in the firing.
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