Snap to lay off 10% of staff, cutting approximately 500 jobs

Snap Inc, the parent company of Snapchat, announced that it will be laying off 10% of its staff, following a recent trend in the tech industry. The company stated that the job cuts will affect around 10% of its global full-time employees, roughly 500 jobs. Snap explained that the decision to restructure the team was made to position the business for future growth. The restructuring will result in an estimated cost of $55 million to $75 million for severance expenses. Despite these cuts, Snap is set to release its quarterly earnings report tomorrow.