Snap Slashes Workforce by 16% as AI Transformation Takes Priority

Snap, the social media giant behind Snapchat, is undertaking a significant restructuring that will see the company lay off approximately 16% of its global workforce, impacting around 1,000 full-time employees. This cost-cutting move is part of Snap's strategy to leverage the rapid advancements in artificial intelligence (AI) to streamline its operations and chase improved profitability.

In a memo to employees, Evan Spiegel, the CEO of Snap, explained that the company believes AI can help its teams