Snapchat Announces Major Layoffs

Amid the ongoing wave of layoffs in the tech industry, Snapchat has also announced job cuts. Snap Inc. has decided to reduce around 16% of its workforce, which will affect approximately 1,000 employees. Following similar steps taken by companies like Oracle, Snap is focusing on reducing operational costs to stabilize its financial position.

The decision is reportedly driven by declining advertising revenue and increasing pressure from investors. Changes in the digital advertising market have significantly impacted the company’s earnings.

This move has once again raised concerns about job security in the tech sector, as companies continue to take cost-cutting measures.