Snap to lay off 'approximately' 10% of its staff

Social media giant Snap, which operates Snapchat, has announced plans to cut "approximately" 10% of its staff.

The firm said in November 2023 it had 5,000 employees, suggesting around 500 people are facing redundancy.

It comes a day before Snap reports its fourth-quarter results - having reported a net loss of $368m (£294m) in the previous quarter in October 2023.

Snapchat said the move would "reduce hierarchy and promote in-person collaboration".

"We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap," a spokesperson told the BBC.

According to its most recent annual report, more than 500 people work for the firm in the UK. It is unclear if any of the cuts will fall in the UK.