Snapchat will lay off ten percent of its 5,400 employees. Snap, the parent company behind Snapchat, reported this on Monday, according to international news agencies. The company will lay off more than 500 employees worldwide. The photo and messaging app Snapchat has more than 406 million users every day, and more than 7 million paying subscribers.
Snapchat says it earns too little from advertisements, which means it has to cut its workforce. It is not yet known whether employees from the Snapchat office in Amsterdam will also have to leave.
In addition to firing employees, the company will also stop expensive projects, such as the development of so-called augmented reality. That project was intended to make Snapchat less dependent on advertisements.
Snap, which is based in California, announced last year that it planned to lay off 20 percent of its employees.
In the technology sector, it has often been the case recently that cutbacks have been made by laying off staff. Tech giants such as Google, Microsoft and Meta, among others, previously had major layoffs. In January there were already 24,000 people, he said The New York Times.