Snapchat to cut 10pc of its staff in advertising crunch
Snap announced it was closing a division focused on making augmented-reality services for businesses, pulling the plug on what was its latest attempt to diversify the ad-dependent company. Photo: Getty
The owner of Snapchat is reducing its workforce by roughly 10pc worldwide, representing 540 employees, joining the chorus of technology companies that have announced fresh rounds of cuts since the start of the year.
Snap estimated that the reductions will result in pre-tax charges of $55m (€51m) $75m from severance and related costs.
