Announcement of layoffs..! This tech company announced to fire 10% of its employees, know the reason – News India Live

Snapchat’s parent company Snap has announced layoffs. The company is going to fire more than 500 of its employees. That’s 10 percent of SNAP’s total workforce. In recent times, many small and big companies have announced layoffs. Earlier this year, tech companies like Amazon and Alphabet conducted layoffs. Now Snap has also been included in this list. Snap shares were up more than 2 percent before trading hours following the announcement.

Snap has made several rounds of layoffs

Snap has planned several rounds of layoffs through 2022. Most recently, it fired its product employees in November. Apart from this, there were large-scale layoffs in the company in August 2022. Under this, the company had fired 20 percent of the employees. “We are reorganizing our team to reduce hierarchy and promote personal collaboration,” a Snap spokesperson told CNBC.

There are huge layoffs in tech companies

Social media company Snap is the latest tech company to continue layoffs in 2024. Nearly 24,000 tech workers have lost their jobs in January alone. Already this month, cybersecurity and identity companies Okta and Zoom have laid off employees.

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