"Snap Inc. Announces Layoffs, Cutting 10% of Global Workforce"

Snap, the parent company of Snapchat, is planning to lay off around 10% of its workforce, which amounts to approximately 500 employees, as part of a restructuring effort to "reduce hierarchy and promote in-person collaboration." The move comes ahead of the company's fourth-quarter results and is seen as an attempt to streamline operations and cut costs amid challenges in advertising revenue and the inability to find a mass market for its products beyond Snapchat. The layoffs are expected to affect staff globally and could cost the company between $55m and $75m in severance payments and other charges.