- Snap Inc., the parent company of Snapchat, is laying off approximately 1,000 employees, which constitutes about 16 per cent of its full-time workforce.
- CEO Evan Spiegel announced the decision, stating that the company will also close around 300 open roles as part of the restructuring.
- The layoffs are intended to reduce Snap's annualised cost base by over $500 million by the second half of 2026, aiming for net-income profitability.
- US-based employees affected by the cuts will receive four months of severance, healthcare coverage, equity vesting, and career transition support, with comparable provisions for international staff.
- This marks the second significant round of job reductions for Snap Inc., following over 500 job cuts made by the company in 2024.
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