PREVIEW

Snap to Cut 10% of Global Workforce. On Feb. 5, Snap Inc. said it will lay off about 500 employees in an effort to "promote in-person collaboration". The news prompted shares to fall close to 1% that morning. Like many tech companies, Snap has implemented numerous rounds of job cuts since 2022. In August 2022, Snap let go of 20% of its staff. Most recently, Snap laid off about 20 employees on its product team back in November, CNBC reports. Snap expects the current round of layoffs to cost the company about $55 million to $75 million, a regulatory filing shows. "We are reorganizing our team to reduce hierarchy and promote in-person collaboration. We are focused on supporting our departing team members." Snap spokesperson, to CNBC. Last October, Snap announced a $500 million equity buyback program. The company's stock price is still lower than its debut price and its 2021 high of $83, CNBC reports. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT