News Summary

• Snap is laying off roughly 16% of its global workforce, impacting around 1,000 full-time employees.
• CEO Evan Spiegel wrote that the company is closing more than 300 open roles.
• The company says the cuts will allow it to reduce its annualized cost base by more than $500 million by the second half of 2026.
• “Snap faces a crucible moment — squeezed between giants with enormous resources and nimble startups moving fast,” the company wrote in a presentation to investors.