Snap (SNAP) has released an update to notify the public and investors about termination and asset disposition expenses.
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In a strategic move to streamline operations and focus on key priorities, a company has announced a 10% reduction of its global workforce. This restructuring is anticipated to result in pre-tax charges between $55 million and $75 million, mainly due to severance payouts, with most expenses arising in the first quarter of 2024. The process and timeline of the layoffs will adhere to the local laws of each country, potentially prolonging the completion of this plan into the second quarter of 2024 or later in some regions.
For further insights into SNAP financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.