Snap to cut 16% of its workforce in a sweeping layoff of about 1,000 jobs
AP News
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Snap Inc., the owner of Snapchat, is cutting about 16% of its global workforce, which means around 1,000 jobs.
The company announced this on Wednesday, stating the layoffs aim to streamline operations and focus on priority initiatives.
Snap expects the job cuts to cost between $95 million and $130 million in severance and related expenses.
CEO Evan Spiegel also mentioned that 300 open roles will remain unfilled.
This isn't the first time Snap has reduced its workforce; it previously cut jobs in 2024, 2023, and 2022.
Snapchat has 474 million daily users, according to its latest report.
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