The owner of social media platform Snapchat said Wednesday it’s eliminating about 16% of its global workforce, or about 1,000 jobs that will be culled in its latest round of layoffs.
Snap Inc. said in a regulatory filing that the job cuts will cost about $95 million to $130 million in severance payments and related costs.
“The headcount reduction is designed to further streamline our operations and reallocate resources toward our highest-priority initiatives, leveraging increased operational efficiencies to accelerate our path toward net-income profitability,” the company said in its filing.
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