Snap SNAP-N said on Monday it would cut around 528 employees, or 10 per cent of its global work force, joining other tech and media firms who recently announced job cuts.
Shares of the company rose more than 2 per cent in trading before the bell.
The Snapchat parent expects pre-tax charges in the range of $55-million to $75-million, primarily consisting of severance and related costs, and other charges, of which $45-million to $55-million are expected to be future cash expenditures.
The majority of these costs are expected to be incurred during the first quarter of 2024.