Snap plans to lay off around 10 percent of its employees as the company continues to struggle with declines in the digital advertising market. The company had around 5,300 employees at the start of 2023. Snap previously cut 20 percent of its staff in 2022 and had a smaller cut of 3 percent in 2023.

Snap has struggled to expand beyond its core social networking product. Its augmented reality glasses were never made widely available, and other hardware projects like a selfie drone were scrapped shortly after launch. Even products launched within Snapchat, like the TikTok-esque Spotlight and the Snapchat Plus subscription service, have failed to grow at the pace the company hoped for.

Meanwhile, the company has faced the same challenges as...

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