Social media giant Snap, which operates Snapchat, has announced plans to cut “approximately” 10 per cent of its staff.

The firm said in November 2023 it had 5,000 employees, suggesting around 500 people are facing redundancy.

It comes a day before Snap reports its fourth-quarter results – having reported a net loss of US $368 million in the previous quarter in October 2023.

Snapchat said the move would “reduce hierarchy and promote in-person collaboration”.