Snap Inc. has joined the long list of American employers to announce reduction in workforce amid fears of economic recession. Unsurprisingly, the California based social media giant has planned to lay off 500 employees.
Snap Inc., parent company of Snapchat has decided to cut their workforce in a brutal round of cost-cutting. Previously, the company has suffered a series of setback in financial results. The company has issued a series of official notices with labor officials. Snap has announced to cut 485 jobs in California. Surprisingly, 84 of these lost jobs were in the Bay Area. WARN filings revealed these numbers. In addition, the social media company has cut 44 jobs in Palo Alto and 40 positions in San Francisco. Furthermore, the Employment Development Department filings showed that Snap cut 401 jobs at its offices in Santa Monica.
Snap announced hiring slowdown in May
“We informed employees of an impending layoff at Snap Inc.’s location in Palo Alto at 395 Page Mill Road, third floor. Scott Withycombe, vice president of Talent with Snap, wrote in the WARN notice to the EDD. Similarly, the company sent similar WARN notices to Employment Development Department regarding jobs cuts in Santa Monica and San Francisco. Previously, Snap announced it would slow down hiring and look for ways to cut costs. The company witnessed 38% increase in staffing from Q2 2021 to last quarter.
Layoffs across United States
Employers throughout the United States, especially in California have trimmed their workforces ahead of an economic downturn. In August, Apple laid off roughly 100 contract-based recruiters one month after announcing plans to slow down hiring. Other companies which have initiated layoffs include Groupon, Fender, Calm.com, Twitter and Netflix etc. Moreover, more than 450 startups and tech firms have laid off more than 75,000 people in 2022.
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