Snap, the parent company of Snapchat, plans to lay off more than 500 employees, it revealed in a regulatory filing Monday. The social media company will cut its global workforce by about 10 percent, it said in the filing with the Securities and Exchange Commission (SEC). This translates to about 540 employees, based on Snap’s most recent headcount of 5,367 full-time workers. “In order to best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time, we have made the difficult decision to restructure our team,” Snap said in Monday’s filing. Snap last made significant cuts in August 2022,
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