Snap Inc.says it will cut jobs: A look at job cuts in the tech industry.
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The company that owns Snapchat is letting go of about 530 workers, which is 10% of its staff around the world. This is part of a trend where many tech companies are reducing their numbers.
Snap Inc. thinks it will spend between $55 million and $75 million because of these layoffs. Most of this money will go to severance pay for the employees who are leaving.
Snap had cut jobs before, like in August 2022 when 20% of workers were laid off. Later, they closed down part of their business, which meant even more people lost their jobs.
Every day, 406 million people use Snapchat, and there are over 7 million people who pay for a Snapchat+ subscription. This shows how popular Snapchat is even with the company's current issues.
Other big tech companies are also cutting jobs, not just Snap. For example, Microsoft, eBay, and Google have all announced layoffs recently.
Questions
How many workers is Snap Inc. letting go?
Snap Inc. is letting go of about 530 workers, which is 10% of its staff around the world.
How much money does Snap Inc. expect to spend due to the layoffs?
Snap Inc. thinks it will spend between $55 million and $75 million because of these layoffs.
Which other big tech companies have announced layoffs recently?
Microsoft, eBay, and Google have all announced layoffs recently.
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