The business is the most recent tech company to declare layoffs in the past few months. It has about 500 employees in the UK, however it’s unclear at this point whether any of them will be impacted.
Snap Inc. announced that it would cut about 530 workers, or 10% of its employment, with the majority of the positions anticipated to be eliminated in the first quarter.
The information was provided in a regulatory filing, where it was also disclosed that the business anticipates paying out up to $75 million (£60 million) in severance benefits and other associated expenses.
The California-based company has more than 5,300 employees worldwide, with about 500 of those working in the UK.
According to a Snap spokesperson, Sky News, the company is now unable to determine whether any positions at its London operations will be impacted.
“We are restructuring our team to lessen hierarchy and encourage face-to-face collaboration,” she continued.
“We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap.”
Prior to now, Snap Inc. declared that it would lay off about 20% of its employees in 2022.
