Snap, the parent company of messaging app Snapchat, shared plans Monday to reduce its number of full-time employees by 10% worldwide.
The announcement came in a filing with the Securities and Exchange Commission. Company officials said most of the cuts will take place in the first quarter of 2024, though they did not immediately specify which jobs would be affected or how many are in the U.S.
“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,” the filing read.
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The move is expected to cost as much as $75 million in severance and related costs. It will trim Snap’s workforce by more than 500 roles, according to The New York Times.
The announcement came after Business Insider reported that Snap let go of several dozen staffers on Friday. The company has seen several rounds of layoffs since cutting 20% of its staff in a major restructuring in August 2022, CNBC reported.
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Snap joins several companies in announcing layoffs in the new year. Since Jan. 1, 122 tech companies have let go of nearly 32,000 employees, according to Layoffs.fyi, a site that tracks job cuts in the tech sector.
Other businesses to announce layoffs in 2024 include American Airlines, eBay, PayPal, Amazon, Google and Meta.