Snap also laid off about 3% of its workforce last year.

Snap, the social media giant that operates Snapchat, announced plans to cut about 10% of its workforce.according to CNNThe company disclosed its latest layoff plans in a regulatory filing on Monday, saying the move would affect about 10% of its global full-time workforce. This equates to approximately 500 jobs. Snap also said the layoffs will “reduce layers and promote in-person collaboration.”

“We are reorganizing our teams to reduce hierarchy and promote in-person collaboration,” a Snap spokesperson said. CNN. “We are focused on supporting our outgoing team members and are deeply grateful for their hard work and many contributions to Snap,” they added.

In the regulatory filing, Snap also said the layoffs were intended to “best position our business to execute on our highest priorities and ensure our ability to invest incrementally to support our long-term growth.” The company said in the filing that the cuts would be “subject to each country’s local legal and consultation requirements,” which could prolong the process.

The social media giant also said it expects restructuring-related charges of approximately $55 million to $75 million, mainly including severance pay. The media reported that Snap had approximately 5,367 full-time employees as of October 2023.

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Notably, this is the second wave of mass layoffs for the social media company, which laid off about 20% of its employees in August 2022. Last year, Snap also laid off about 3% of its business staff after announcing the closure of AR Enterprise.

Mass layoffs have disrupted the tech industry since 2022.according to Layoffs. For reference onlyData tracking job losses in the technology industry show that the industry shed more than 232,000 jobs in 2023. Data shows that about 30,000 workers in the technology industry have also lost their jobs since the beginning of this year.

This year, “tech companies are still trying to correct their over-hiring issues during the pandemic, given that both the high interest rate environment and the tech downturn are lasting longer than initially expected,” said Roger Lee, founder of Layoffs.fyi.Every Bloomberg.

“This year’s layoffs are generally smaller and more targeted than a year ago,” he continued.