"Evan Spiegel, Snap's co-founder and CEO, stated that the company is in 'a crucible moment' and the goal of the cuts was to reduce yearly costs by $500 million."
"'Change of this magnitude and at this speed is never easy and it will not be seamless,' Spiegel added in his memo, highlighting the challenges of the layoffs."
"'Snap now requires a new way of working that is faster and more efficient, while pivoting towards profitable growth,' Spiegel wrote in his memo to staff."
Snap has cut approximately 1,000 employees, representing 16% of its workforce, and has withdrawn numerous job openings. CEO Evan Spiegel stated the layoffs aim to reduce annual costs by $500 million. He emphasized the use of AI tools to enhance efficiency and reduce repetitive tasks. This marks Snap's third significant layoff since 2022. An activist investor has criticized Snap's profitability, noting a significant decline in share value since its IPO. Spiegel called for a new, faster, and more efficient working approach to achieve profitable growth.
Read at www.bbc.com
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