Isofor App & Tech

Snap Inc., the parent company of the popular app Snapchat, announced plans to lay off some 20% of its more than 6,400 global employees.

The news will impact the jobs of more than 1,200 staffers at the tech giant, and comes as broader economic conditions have deteriorated in recent months amid rising inflation and the Federal Reserve's interest rates hikes. The recent market downturn has especially pummeled the tech sector, where news of hiring freezes, layoffs, and other cost-cutting measures have dominated headlines for months.

Snapchat to lay off 20% of its staffers Snap Inc., the parent company of the popular app Snapchat, announced plans to lay off some 20% of its more than 6,400 global employees.