Image source, Getty Images By Tom Gerken & Liv McMahon Technology pressreporters Social media giant Snap, which runs Snapchat, has revealed prepares to cut “approximately” 10% of its personnel. The company stated in November 2023 it had 5,000 staffmembers, recommending around 500 individuals are dealingwith redundancy. It comes a day before Snap reports its fourth-quarter results – havingactually reported a web loss of $368m (£294m) in the previous quarter in October2023 Snapchat stated the relocation would “reduce hierarchy and promote in-person cooperation”. “We are focused on supporting our leaving group members and we are extremely grateful for their tough work and lotsof contributions to Snap,” a representative informed the BBC. According to its most current yearly report, more than 500 individuals work for the company in the UK. It is uncertain if any of the cuts will fall in the UK. Jasmine Enberg, concept social media expert at Insider Intelligence, informed the BBC the layoffs “don’t bode well for the state of Snap’s company” ahead of its newest incomes statement on Tuesday. She pointed to competitor Meta’s mostcurrent results – which revealed quarterly revenues tripling year-on-year, a rise in users, lower expenses and greater advertisement sales – as “a toug
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