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Snap Inc. has confirmed the layoff of approximately 1,000 full-time employees, accounting for 16% of its global workforce, while also deciding not to fill over 300 vacant positions, aiming to reduce its total headcount by nearly a quarter. Chief Executive Officer Evan Spiegel stated that the layoffs are related to advancements in AI technology, noting that over 65% of Snap's new code is now generated by AI, automated tools can handle a large volume of customer service inquiries, and small teams have achieved significant breakthroughs. This structural adjustment is expected to cut costs by over $500 million annually by the second half of 2026. In response to the news, Snap's stock price surged by about 9% at one point. Despite facing competition, Snap has raised its revenue forecast for the first quarter and is undergoing a transformation through AI technology.
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