Snap Cuts 10% of Staff as Social Media Copes With Ad Slump (2)

Snap Inc. is reducing its workforce by roughly 10% worldwide, joining the chorus of technology companies that have announced fresh rounds of cuts since the start of the year.

The cuts are being made to “best position our business to execute on our highest priorities,” Snap said in a filing Monday. A spokesperson added that the social media company is reorganizing the team to reduce hierarchy and promote in-person collaboration. The stock was down 3.1% to $16.51 in New York, tracking a broader pullback in the stock market.

Like its social media peers, Snap has been working to offset a ...