"CEO Evan Spiegel stated, "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.""
"In a memo, Spiegel expressed, "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.""
Snap is cutting 1,000 employees, representing 16% of its global workforce, as part of a strategic shift towards efficiency and profitability. CEO Evan Spiegel cited rapid advancements in artificial intelligence as a key factor in this decision. The layoffs aim to reduce the company's annualized cost base by over $500 million by the second half of 2026. This move is part of a broader effort to prioritize investments that create long-term value and support the community, partners, and advertisers.
Read at www.businessinsider.com
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