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...