Snapchat owner cuts 16% of global staff

Snap Inc., the company behind the popular social media platform Snapchat, is implementing significant workforce reductions. The company announced it is cutting approximately 16% of its global employees, which translates to around 1,000 jobs. This decision is part of a broader strategy to streamline operations and reallocate resources towards key growth initiatives. The layoffs are expected to incur substantial severance costs for Snap Inc. as it navigates a challenging market and focuses on achieving profitability.