Snap Inc. is the most recent tech firm to start mass layoffs, as the corporate introduced Monday that it plans to put off 10% of its complete world workforce, or roughly 500 workers.

“So as to greatest place our enterprise to execute on our highest priorities and to make sure we’ve the capability to take a position incrementally to help our development over time, we’ve made the tough choice to restructure our crew,” the corporate mentioned in a submitting with america Securities and Change Commission dated February 5.

Snapchat’s guardian firm mentioned that it plans to incur expenses ranging between $55 million and $75 million within the first quarter of 2024 on account of primarily severance-related prices.

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The layoffs are set to final via Q2 of 2024, depending on employment legal guidelines in sure international locations the place workers is positioned.

Snap Inc. had a robust Q3 in 2023, with quarterly income of $1.19 billion (up 5% from Q2) and gaining 9 million each day energetic customers in the identical interval.

Earlier this yr, CEO Evan Spiegel despatched an inner memo to workers about how the corporate had “reached an actual turning level” and deliberate to make use of the remainder of 2024 as a “probability to construct on all of the momentum” he believed the corporate had developed.

“Expertise is not going away,” Spiegel penned. “It is our accountability to make it extra human, extra pure, and extra seamlessly built-in into our lives in order that we will profit from its optimistic potential whereas avoiding the pitfalls. It is not simply an thrilling alternative – it is existential.”

The corporate has struggled with declining income over the previous two years, most not too long ago reducing 20% of its workers in August 2022 after almost doubling its workforce through the pandemic.

The corporate didn’t specify which departments could be most affected by this spherical of layoffs.