Snapchat's parent company lays off 10% of workforce

Snapchat's icon is seen on a smartphone display. Patrick Seeger/dpa

The owner of Snapchat said on Monday it was cutting around 10% of its staff, the latest in multiple rounds of lay-offs to hit the social media app.

Snapchat parent Snap did not disclose the company's current headcount.

At the end of September, Snap had around 5,700 employees. But it was not clear whether this figure included an earlier announced reduction of around 170 jobs.

Snap said that the cuts announced on Monday are intended to reduce hierarchies.

The company had already cut a fifth of its workforce in August 2022.

Snap has been struggling with slow advertiser sales growth. In the first nine months of last year, the company accumulated a loss of more than $1 billion.