Snapchat to lay off 16% of its workforce as it struggles financially | The Independent

Snap Inc., the company that owns the social media platform Snapchat, is laying off about 16 percent of its full-time workforce. The move will impact about 1,000 employees, CEO Evan Spiegel announced Wednesday. The company is also closing about 300 open roles. “This is an incredibly difficult decision, and I am deeply sorry to the colleagues who will be leaving us. You have made important contributions to Snap, and we are committed to supporting you through this transition,” Spiegel said in a message to staff. Spiegel said the company had to make “tough choices to prioritize the investments we believe are most likely to create long-term value.” Snap Inc., the company that owns the social media platform Snapchat, is cutting 16 percent of its workforce (Getty Images) “As a result of these changes, we expect to reduce our annualized cost base by more than $500 million by the second half of 2026, helping to establish a clearer path to net-income profitability,” he said. Snap has struggled with profitability and is facing mounting pressure from investors, according to the Wall Street Journal . Impacted employees who are based in the U.S. will receive “four months of severance, healthcare coverage, and equity
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