"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."
"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 have already witnessed small squads leveraging AI tools to drive meaningful progress across several important initiatives, including Snapchat+, enhanced ad platform performance, and efficiency improvements in our Snap Lite infrastructure."
Snap is reducing its workforce by 16%, affecting around 1,000 employees, and closing over 300 open roles to streamline operations. CEO Evan Spiegel stated that these cuts are part of a strategy to prioritize investments that create long-term value. The company anticipates reducing its annualized cost base by more than $500 million by the second half of 2026. Snap is also leveraging AI to improve efficiency and support its community and advertisers, despite experiencing stalled user growth in critical markets.
Read at www.socialmediatoday.com
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