"This is an incredibly difficult decision, and I am deeply sorry to the colleagues who will be leaving us. You have made important contributions to Snap, and we are committed to supporting you through this transition."
"As a result of these changes, we expect to reduce our annualized cost base by more than $500 million by the second half of 2026, helping to establish a clearer path to net-income profitability."
"We believe that rapid advancements in artificial intelligence enable our teams to reduce repetitive work, increase velocity, and better support our community, partners, and advertisers."
Snap is announcing layoffs affecting approximately 1,000 employees, which is 16% of its full-time workforce, alongside the closure of over 300 open roles. The decision aims to reduce annual costs by more than $500 million by 2026, focusing on profitable growth. The company emphasizes the role of artificial intelligence in enhancing efficiency and reducing repetitive tasks. Departing employees will receive support and notifications regarding next steps, with gratitude expressed for their contributions to Snap's development.
Read at The Verge
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