Snap Inc. cuts about 1,000 jobs, prioritizes AI, targets $500 million
Business
Snap Inc. is letting go of about 1,000 employees, roughly 16% of its team, to focus more on artificial intelligence.
CEO Evan Spiegel says the goal is to make things run smoother and save money, aiming for $500 million in annual savings by late 2026.
Big tech cuts, Snap stock jumps
Snap isn't alone: big names like Meta, Amazon, and Microsoft are also trimming staff as they shift toward AI.
Interestingly, after Snap announced the cuts, its stock jumped nearly 6%, showing investors are hopeful about this new direction.