Snap Inc., the parent company overseeing Snapchat, has announced its intention to downsize its workforce by more than 500 employees, as disclosed in a regulatory filing on Monday.

The social media company is set to reduce its global workforce by approximately 10%, as detailed in the filing submitted to the Securities and Exchange Commission (SEC). This corresponds to around 540 employees, based on Snap’s most recent headcount of 5,367 full-time workers.

In the filing made on Monday, Snap stated, “To optimize our business for the successful execution of our top priorities and to ensure we have the capacity for incremental investments to support our sustained growth, we have made the challenging decision to restructure our team.”

Snap previously underwent significant staff reductions in August 2022, announcing plans to lay off 20% of its global workforce.

These layoffs contribute to a broader trend within the industry, marked by various companies implementing workforce reductions throughout 2023 and into early 2024. Last month, Microsoft downsized its gaming unit by approximately 1,900 employees, while eBay made cuts affecting over 1,000 positions.

Notably, Snap CEO Evan Spiegel recently appeared before Congress alongside four other tech CEOs to testify about the safety of children on their platforms. The tech executives faced rigorous questioning from senators, with the Senate Judiciary Committee expressing concerns and accusations, emphasizing the challenges these companies face in the current regulatory environment.