Snap to slash 10% of global workforce as social media copes with ad slump [Video]

Snap Inc is the latest in a string of tech companies trimming their workforce amid a downturn in advertising revenue. The social media giant is slashing approximately 10% of its global staff, a move that echoes similar actions taken by its industry peers since the start of the year.

The company anticipates that the reductions will result in pre-tax charges ranging from $55-75 million due to severance and associated expenses, along with future cash expenditures of $45-55 million, mainly slated for the first quarter of this year, as disclosed in a filing on Monday, January 5.

Snap attributes these cuts to the strategic realignment necessary for “best position our business (needs) to execute on our highest priorities.”

Like other players in the social media realm, Snap has been grappling with a slowdown in ad earnings, responding by streamlining operations and shelving non-priority projects.

Just months ago, it announced the closure …