Snap Slashes 1,000 Jobs in AI-Driven Turnaround

Snap Inc. is cutting about 1,000 roles (roughly 16% of its workforce) to reduce annual costs by more than $500 million and cover $95–$130 million in restructuring charges, in a bid to reach profitability. CEO Evan Spiegel calls it a crucible moment and says AI will accelerate work, reduce repetitive tasks, and enable a new jobs-to-be-done structure, noting that 65% of new code is AI-generated. The company is prioritizing monetizable markets, Snapchat+ subscriptions, and higher-margin ads, with Q1 revenue guided to about $1.529 billion and adjusted EBITDA of around $233 million. Departing U.S. employees will receive severance and benefits, with transitions support provided.