Snap Cuts 1,000 Jobs, Citing AI Advancements

Snap is laying off approximately 1,000 employees, representing 16% of its workforce, as announced by CEO Evan Spiegel. The company attributes these significant cuts to rapid advancements in artificial intelligence, which it believes will enable teams to reduce repetitive tasks and increase efficiency. These layoffs are part of a broader strategy to pivot towards profitable growth and establish a clearer path to net-income profitability, aiming to reduce the annualized cost base by over $500 million. Snap is also closing more than 300 open roles as part of this restructuring.