Snap cuts 1,000 jobs as part of efficiency restructuring.

Snap Inc. announced it will cut approximately 1,000 jobs, or 16% of its workforce, and eliminate over 300 open positions as part of a restructuring effort to boost efficiency and profitability amid competition and slowing growth. The company, led by CEO Evan Spiegel, cites artificial intelligence advancements as a key factor enabling smaller teams to operate more effectively. Affected employees will receive four months of severance and benefits.