Article link here
Snap Inc. announced it would lay off about 528 employees, or 10% of its workforce, signaling that the tech industry's layoff trend from 2023 might continue amid economic challenges. The layoffs aim to improve financial efficiency and investor relations, following a share price drop of 4%. Snap expects to incur pre-tax charges of $55 million to $75 million from the layoffs, primarily for severance costs. So far, the tech industry has seen extensive job reductions, continuing a trend of high layoff numbers from the previous year. I believe this trend won't stop for the foreseeable future as many companies are finding it more costly to keep employees. And it'll hit new grads much more as companies wont find the need for as many associate developers, for example, as before due to high costs in retention, training, onboarding, etc.