Snap Inc, the parent company of Snapchat, has announced that it will be laying off 10% of its staff, which equates to approximately 500 jobs. The company made the announcement in a regulatory filing on Monday, stating that the layoffs are necessary in order to position the business for growth and to invest in its highest priorities. Snap estimates that it will incur costs of $55 million to $75 million related to the restructuring, primarily consisting of severance expenses.

These job cuts come as part of a larger trend in the tech sector, with mass layoffs affecting the industry since 2022. According to data from Layoffs.fyi, around 30,000 workers in the tech sector have lost their jobs since the beginning of this year. In 2023, there were a total of 262,682 tech industry layoffs, compared to 164,969 cuts in the previous year.

This is not the first time that Snap has implemented job cuts. In August 2022, the company announced that it was cutting 20% of its global employees, amounting to approximately 1,200 jobs at the time. Additionally, the company cut approximately 3% of its staff last year when it decided to close its AR Enterprise business.

Snap is scheduled to report its quarterly earnings on Tuesday. The news of the layoffs caused shares for Snap to dip approximately 1.5% early Monday. The company did not immediately respond to CNN's request for comment.

Snap is not the only tech company to conduct job cuts this year. Other companies such as Okta and Zoom have also laid off staff. The trend of reducing headcount has been supported by investors, as companies like Meta, Amazon, and Alphabet have also pursued similar strategies. These cuts are seen as a way to increase efficiency and improve financial performance.

Snapchat, like other social media platforms, relies heavily on digital advertising spend for revenue. While the company has experienced some struggles in the past, it managed to break a streak of revenue declines in its most recent quarter. Snap has also initiated a $500 million share buyback program.

Despite these efforts, Snap's stock remains below its debut price and far from its 2021 high of around $83. The company's performance will be closely watched as it continues to navigate the challenges and changes in the tech industry.

This is a developing story, and updates will be provided as more information becomes available.