Snap to cut 528 jobs from worldwide workforce

Snapchat parent joins chorus of technology companies that have announced fresh rounds of cuts since the new year

The job cuts account for 10% of Snap's employees worldwide.

Snap is reducing its workforce by 528 people, or roughly 10% worldwide, joining the chorus of technology companies that have announced fresh rounds of cuts since the start of the year.

The cuts are being made to “best position our business to execute on our highest priorities”, Snap said. A spokesperson added the social media company was reorganising the team to reduce hierarchy and promote in-person collaboration. 

Like its social media peers, Snap has been working to offset a deceleration in ad revenue, coping with the slump by cutting jobs and culling projects that are no longer seen as a priority. 

Snap, the parent of the Snapchat, and Meta Platforms were badly affected by changes Apple made to its privacy policy in 2021, which made it harder for advertisers to track users. But Meta has bounced back, posting a 25% gain in sales in the fourth quarter, its biggest quarterly increase in two years. 

Snap joins payments firm PayPal in announcing global job cuts in recent weeks. In Ireland, PayPal plans to cut 200 jobs that will bring its staff count here to about 1,600 people. 

Three Ireland also said last month it would cut 150 jobs, or over 10% of its total 1,300 Irish staff the mobile phone network company employs at its customer-care facility in Limerick and at head offices in Dublin. 

Separately, Estée Lauder slashed its annual profit forecast and announced a restructuring programme aimed at cutting about 3% to 5% of its workforce to rein in costs.

As of June 2023, Estée had about 62,000 employees worldwide. The company had about71% full-time employees, about 16% temporary and 13% part-time employees. 

• Irish Examiner, Bloomberg and Reuters