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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Attacks on Christians contradict PM's message of harmony, visit to church: Gehlot
Jaipur (PTI): Former Rajasthan chief minister Ashok Gehlot on Thursday expressed concern over the reported attacks and disruptions in prayer gatherings of the Christian community in different parts of the country, saying such incidents were "worrying and condemnable".
In a post on X, Gehlot said that while the Prime Minister Narendra Modi was visiting a church and giving a message of peace and harmony, news of attacks on members of the Christian community from various regions reflected a serious contradiction.
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"Symbolic gestures would not be enough, and strict legal action was required against those spreading hatred," the senior Congress leader said.
He added that Indian culture has always upheld the spirit of "Vasudhaiva Kutumbakam", where every citizen has full freedom to practise their faith.
Gehlot urged the Centre and state governments to uphold the rule of law and ensure that no citizen is forced to celebrate their festival under fear.
