The owner of Snapchat has become the latest tech company to announce job cuts.
Snap Inc said it will lay off roughly 10% of its workforce — about 530 employees — and most roles are expected to disappear in the first quarter.
This was revealed in a regulatory filing, which also revealed that the company expects to face charges of up to $75m (£60m) in severance payments and other related costs.
The California-based company employs more than 5,300 people globally, including about 500 in the UK.
A Snap spokeswoman told Sky News it was unable at this stage to say whether any posts at its London offices would be affected.
“We are reorganizing our team to reduce hierarchy and promote personal collaboration,” she added.
“We are focused on supporting our departing team members and are very grateful for their hard work and many contributions to Snap.”
Snap Inc previously announced plans to cut about 20% of its workforce in 2022.
Read more works:
McDonald's sales declined due to the war boycott
Campaign for shift away from tourism tax 'not just about wealthy shoppers'
The unemployment rate may be much lower than expected
It is used by about 406 million people snap chat daily on average, according to the company. She also has more than 5 million Snapchat+ subscribers.
Other technology companies that have recently announced job losses include: Microsoftwhich plans to lay off 1,900 employees and an online retailer eBaywhich plans to cut 1,000 jobs.
deadowner of the social media brands Facebook and Instagram as well He announced the layoffs of 10,000 employees last year.
Snap shares fell 4% after the announcement on Monday.
The company is scheduled to announce fourth-quarter results on Tuesday.
