Snap Inc. has announced plans to lay off about 16 per cent of its workforce as part of a major restructuring exercise aimed at improving efficiency and strengthening its business operations.
The job cuts, which affect roughly 842 employees based on the company’s latest headcount, come as the social media firm continues to face pressure from investors and a challenging digital advertising environment.
The restructuring is also linked to calls from activist investors pushing the company to streamline operations and improve overall performance.
Snap, the parent company of Snapchat, has in recent years struggled with slowing revenue growth as advertisers increasingly shift spending to larger platforms such as Meta and Google.
The company says smaller social media platforms are particularly exposed to global advertising slowdowns, as brands prioritise platforms with wider reach and stronger data capabilities.
The latest layoffs add to a series of workforce reductions in the tech sector, where companies continue to adjust staffing levels following rapid expansion during the pandemic period.
Snap has not yet disclosed which departments will be most affected by the latest round of job cuts.
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