A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson/File Photo
(Reuters) -Snap said on Monday it would cut around 528 employees, or 10% of its global workforce, a sign that the spate of tech layoffs seen in 2023 could persist as firms grapple with economic uncertainty.
The company, which owns photo messaging app Snapchat, has long struggled to turn its popularity with young users into consistent revenue growth and compete with larger rivals like Facebook-owner Meta Platforms, which issued its first dividend on Thursday after laying off staff last year.
