Snap Inc. is laying off 16% of its full-time workforce, or about 1,000 employees, with CEO Evan Spiegel declaring that “a new way of working” is possible thanks to artificial intelligence.
In a memo to employees (read it below), Spiegel said the cuts, along with related efforts to become more efficient, will reduce annual costs by $500 million a year by the second half of 2026.
As of the end of 2025, Santa Monica, CA-based Snap had 5,261 global employees.
The company has faced intensifying competition from TikTok and continues to battle longtime rivals in social media like Instagram and X, formerly Twitter. With advertising revenue under pressure, Snap shares have fallen more than 30% in 2026 to date. In pre-market trading Wednesday, they rose 7% on the layoff news.
An activist investor, Irenic Capital Management, has been pushing for cost reductions at the company.
...Keep reading this article on DEADLINE.
