Snap is cutting 1,000 jobs, 16% of its workforce

Snap is laying off roughly 16% of its global workforce, impacting around 1,000 full-time employees, according to a memo sent to staff from Snap CEO Evan Spiegel on Wednesday. The company cites advancements in AI for the cuts. “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,” the memo, made public via an SEC filing, reads. “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.”