Snap announced on April 15 it is eliminating roughly 1,000 positions—16% of its approximately 5,260-person workforce—and closing more than 300 open roles. CEO Evan Spiegel cited "rapid advancements in AI" as enabling smaller teams to increase velocity and reduce repetitive work. The company expects to reduce its annualized cost base by more than $500 million by the second half of 2026, and Snap's stock jumped around 7% on the news.