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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Nine dead as fire breaks out in residential building in east Delhi
New Delhi (PTI): A fire broke out in a residential building in east Delhi's Vivek Vihar early Sunday, leaving nine people belonging to two families dead, including a toddler, officials said.
The incident was reported around 3.48 am at a four-storey building in Vivek Vihar Phase-I, following which police, fire and disaster management teams rushed to the spot.
According to the police, the blaze engulfed flats on the second, third and fourth floors of the building, prompting a large-scale rescue operation.The cause of the fire is yet to be ascertained.
The Delhi Fire Service (DFS) said nine charred bodies were recovered from different floors.
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"One body was recovered from the first floor, five from the second floor and three from the staircase which was found locked," the DFS officer said.
Those found dead on the second floor have been identified as Arvind Jain (60), his wife Anita Jain (58), son Nishant Jain (35), daughter-in-law Anchal Jain (33) and grandchild Akash Jain.
On the third floor, three members of a family were found dead. They were identified as Nitin Jain (50), wife Shailey Jain (48) and son Samyak Jain (25).
On the first floor a woman identified as Shikha Jain (45) was found dead while her husband Naveen Jain (48) sustained injuries.
A senior police officer said, "Around 10 to 15 people were rescued from the premises during the firefighting operation. Two of them, who sustained minor injuries, were shifted to the Guru Teg Bahadur Hospital."
A total of 12 fire tenders were pressed into service to douse the flames, while teams from the Delhi Disaster Management Authority (DDMA), traffic police and local police assisted in the rescue and evacuation efforts.
Police said the fire was brought under control after several hours. Efforts are underway to determine the cause of the fire, police said.
Further investigation and proceedings are underway.
