Financial Wire

Snap to Cut Workforce by 16%, Targets $500 Million in Annual Savings

-- Snap (SNAP) said Wednesday it is cutting its workforce by 16%, or about 1,000 jobs, in a move to boost annual cost savings.

The company said the move is expected to generate more than $500 million in annualized cost savings. It also updated its first-quarter 2026 revenue outlook to approximately $1.53 billion.

Analysts surveyed by FactSet expect Q1 revenue of $1.52 billion.

"Snap faces a crucible moment - squeezed between giants with enormous resources and nimble startups moving fast," the company said in a statement. "To meet this moment, we are pivoting toward profitable growth."

Shares of Snap were up nearly 7% in Wednesday premarket trading.

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