Snap Inc slashes staff by 10% amid tech sector cuts

Snap Inc (NYSE: SNAP) has become the latest tech titan to wield the axe, announcing plans to cut 10% of its over 5,000-strong workforce. The Snapchat owner stated most of the estimated 530 jobs would go in the first quarter.

With the California-headquartered company tight-lipped on which offices will be impacted, uncertainty hangs over the future of Snap’s London base. The firm employs around 500 staff in the UK, forming a sizeable chunk of its global personnel.

Insiders said the firm was unable to confirm if local jobs would be affected by what marks the second round of redundancies in under a year. Shareholders reacted with concern, sending Snap stock down 4% on Monday.

The cuts follow restructuring efforts to “reduce hierarchy and promote in-person collaboration” a spokeswoman said. They come despite boasting over 400 million daily active users.