Snap has performed its second round of layoffs, letting roughly 10% of its staff go, according to reports.
Snap’s last round of layoffs were in mid-2022 when the company laid off 20% of its employees. According to Axios, this latest round will impact 10%, or approximately 530 people.
The company said the move would “best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time.”
Snap said the layoffs were designed promote a flatter organizational structure.
“We are reorganizing our team to reduce hierarchy and promote in-person collaboration,” said a company spokesperson.
”We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap.”