Snap Says Announced Plan To Reduce Our Global Headcount By ~10% Of Our Global Full Time Employees; Estimate That We Will Incur Pre-tax Charges In Range Of $55M To $75M
Portfolio Pulse from Benzinga Newsdesk
Snap Inc. has announced a plan to reduce its global workforce by approximately 10%, expecting to incur pre-tax charges ranging from $55M to $75M, according to an SEC filing.

February 05, 2024 | 2:10 pm
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Snap Inc. announces a 10% reduction in its global workforce, with pre-tax charges estimated between $55M and $75M.
The announcement of workforce reduction by Snap Inc. is likely to have a negative short-term impact on its stock price due to the associated costs and potential disruptions. The pre-tax charges of $55M to $75M indicate significant financial implications, and the reduction in workforce could be perceived as a sign of underlying issues within the company or a response to external pressures, such as economic downturns or competitive challenges. This news could lead to investor uncertainty and a negative perception of the company's future growth prospects.
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