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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Punishment for those disrupting assembly proceedings, warns Speaker UT Khader
Belagavi: Speaker U.T. Khader on Friday warned that members who disrupt Assembly proceedings by talking in their seats during debates will be made to sit in the House for an entire day as a disciplinary measure.
The warning came after the Question Hour, when Deputy Leader of the Opposition Arvind Bellad was permitted to initiate a discussion on the development of North Karnataka.
At this point, expelled BJP MLA Basanagouda Patil Yatnal objected, stating that he had been seeking a debate for the past three days but had not been given an opportunity.
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Responding to the objection, Speaker Khader said Bellad had already been granted permission and assured Yatnal that he would be allowed to speak at the next opportunity. He noted that even as a serious discussion was underway, several MLAs were speaking among themselves with their microphones on, disrupting the proceedings.
Expressing displeasure over the conduct of members, Khader likened the situation to football, where players receive red, yellow, or white cards for violations. Similarly, he said, the Assembly issues warning cards to members who disturb the House. If they fail to correct themselves despite repeated warnings, they would be required to remain seated in the Assembly hall for a full day as punishment, he stated.
