Snap, the company behind popular social media platform Snapchat, is eliminating roughly 1,000 positions, representing 16 percent of its workforce, as chief executive Evan Spiegel warns that the company is facing a “crucible moment” in its pursuit of lasting profitability.
CNBC reports that social media giant Snap disclosed the sweeping job cuts in a staff memo sent early Wednesday, with Spiegel framing the reductions as a painful but essential step to reshape how the company operates. The layoffs, which also include the closure of more than 300 open roles, are projected to slash Snap’s annualized cost base by over $500 million before the end…
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