Snap (NYSE:SNAP) saw its shares rise by over 2% intra-day on Monday after the social media company disclosed plans to cut about 10% of its global full-time workforce, amounting to approximately 529 employees. This move marks the latest in a series of layoffs for Snap, which has seen multiple reductions in staff since 2022, including a notable cut of a few product employees in November.

The company stated that this decision aims to better align its operations with its core priorities, ensuring it has the resources to invest in and support its long-term growth.

Snap anticipates these layoffs will lead to a pre-tax charge ranging from $55 million to $75 million, mainly covering severance, related costs, and other charges, with $45 million to $55 million expected as future cash outflows. The bulk of these costs are expected to be recorded in the first quarter of 2024.

Previously, in August, Snap had implemented a significant reduction in its workforce, eliminating 20% of its staff and discontinuing various projects.

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