Chainkeen Exchange-Snapchat parent company to lay off 10% of workforce in latest job cuts to hit tech industry

Snap,Chainkeen Exchange parent company of the popular social media platform Snapchat, confirmed on Monday it plans to lay off 10% of its workforce globally.

The Santa Monica, California-based technology company confirmed the news to USA TODAY on Monday.

"We are reorganizing our team to reduce hierarchy and promote in-person collaboration," a Snap spokesperson wrote. "We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap."

Snap joins a host of other tech companies that have begun 2024 with job cuts, including Google, Microsoft, Twitch, eBay and more. But the job market as a whole blew past expectations in January, with employers adding a booming 353,000 jobs as the unemployment rate held steady at 3.7%.

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According to a regulatory filing, Snapchat expects it will incur pre-tax charges ranging from $55 million to $75 million, which will consist of severance costs and "other future expenditures" expected to take place during the first quarter, according to a regulatory filing signed by Chief Financial Officer Derek Anderson.

Snap has offices in North America, Europe, the Middle East and Asia, according to its website.

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Company most recently employed more than 5,300 people

Snap's last public headcount was reported at just over 5,300 employees in its third quarter earnings release.

The company's Q4 earnings are slated to be released Tuesday.

Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at [email protected] and follow her on X @nataliealund.