Snap, the owner of Snapchat, is laying off about 10% of its global workforce

The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 530 employees, the latest tech company to announce layoffs.

Snap Inc. said in a regulatory filing that it currently estimates $55 million to $75 million in charges, mostly for severance and related costs. It expects the majority of the costs to be incurred in the first quarter.

This isn't the first time Snap has eliminated jobs. The Santa Monica, California-based company announced in August 2022 that it planned to cut about 20% of its global workforce. In the third quarter of 2023, it began winding down its AR Enterprise business, which included reducing its global employee headcount by approximately 3%, according to a regulatory filing.

There are 406 million daily average users that use Snapchat every day, on avarege, according to Snap's website. It has more than 5 million Snapchat+ subscribers.