Snap Inc., the parent company behind Snapchat, has announced plans to reduce its global workforce by approximately 10%. This strategic move comes amidst financial challenges and increasing competition within the tech industry.

The decision to downsize, affecting approximately 528 employees, was revealed in a securities filing on Monday morning, just ahead of the anticipated release of Snap's fourth quarter results. 

The company, which reported a loss of $359.5 million in operating income for the quarter, aims to reallocate resources to support future growth initiatives.

"In order to best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time, we have made the difficult decision to restructure our team," stated Snap Inc. in an official statement regarding the layoffs.

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