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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Two passengers from Bangkok held with hydroponic ganja worth over Rs 2 cr at Bengaluru airport
Bengaluru (PTI): Customs officials at the Kempegowda International Airport here have arrested two passengers in separate incidents for allegedly smuggling hydroponic ganja worth over 2 crore, officials said on Monday.
In the first case on February 7, Bengaluru Customs intercepted a passenger who had arrived from Bangkok and seized 1.8 kg of hydroponic ganja valued at Rs 63 lakh.
The contraband was concealed in a false-bottom suitcase, the customs officials said in a post on 'X'.
In another instance on February 6, a passenger arriving from Hong Kong was intercepted and 5.05 kg of hydroponic ganja worth Rs 1.76 crore was seized from checked-in baggage.
Both the accused were arrested under the provisions of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, officials added.
Further investigation is underway.
