Snap Inc to Cut 1,000 Jobs, Reduce Costs by $500M

By Chris Stiles • Wednesday, April 15 14:50 • Permanent Link

Snap said it will cut about 1,000 jobs, affecting 16% of its full-time workforce, and eliminate more than 300 open roles as part of a restructuring aimed at reducing costs and speeding up execution.

The company said the changes will lower its annualized cost base by more than $500 million by the second half of 2026.

In the memo, Snap said the move is designed to support “profitable growth” and improve its path to net-income profitability. It also said it has already seen small teams using AI tools to make progress on Snapchat+, ad platform performance and Snap Lite infrastructure efficiency.

For departing U.S.-based employees, Snap said it will provide four months of severance, healthcare coverage and equity vesting, along with career transition support. The market has reacted to these announcements by moving the company's shares -10.69% to a price of $4.01. Check out the company's full 8-K submission here.

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