Snap Inc. (SNAP), Wednesday announced several significant organizational changes, which are expected to impact about 1,000 team members, including 16% of full-time employees, in addition to closing more than 300 open roles.
These changes come as the company is trying to prioritize the investments which are most likely to create long-term value, while making work faster and more efficiently with advanced AI tools, Snap CEO Evan Spiegel explained in a note to the team members.
With these changes, Snap expects to reduce its annualized cost base by more than $500 million by the second half of 2026.
In the note, Spiegel further stated that impacted team members in the U.S. will receive an email notification within the next hour, including information about next steps. Meanwhile, those from non-U.S. locations will receive additional details about next steps from leadership and HR.
In the pre-market hours, Snap is trading at $6.04, up 7.39 percent on the New York Stock Exchange.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.