""Over the past several months, we have carefully reviewed the work required to best serve our community and partners, and made tough choices to prioritize the investments we believe are most likely to create long-term value," CEO Evan Spiegel said in a note he sent to employees."
""While these changes are necessary to realize Snap's long-term potential, 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," Spiegel said."
Snap is laying off approximately 1,000 employees and closing over 300 open roles, accounting for 16% of its workforce. The layoffs aim to prioritize investments that create long-term value and reduce spending. CEO Evan Spiegel stated that these changes will save the company $500 million in the latter half of 2026. The company plans to spend between $95 million and $130 million on severance and contract terminations. Snap has not filed a required notice for the mass layoff in California.
Read at SFGATE
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