Snapchat to lay off 10% of its workforce

Snap said on Monday it would cut around 528 employees, or 10% of its global workforce, joining other tech and media firms that recently announced job cuts. Shares of the company rose more than 2% in trading before the bell.

The Snapchat parent expects pre-tax charges in the range of $55 million to $75 million, primarily consisting of severance and related costs, and other charges, of which $45 million to $55 million are expected to be future cash expenditures.

The majority of these costs are expected to be incurred during the first quarter of 2024.