Snapchat owner cuts 16% of global staff

Snap Inc., the parent company of Snapchat, is undergoing a significant workforce reduction, eliminating approximately 16% of its global employees, totaling around 1,000 jobs. This move is intended to streamline operations and reallocate resources towards high-priority initiatives, aiming to improve operational efficiency and accelerate the path to net-income profitability. The company disclosed in a regulatory filing that these layoffs will result in severance payments and related costs estimated between $95 million and $130 million.