Snapchat parent company cuts 1,000 jobs in major AI-driven workforce restructuring

Snap on Wednesday announced plans to lay off roughly 1,000 employees, as the tech company adopts artificial intelligence (AI) and looks to streamline its operations.

The parent company of Snapchat will also close over 300 open roles as part of its workforce restructuring, which comes after Irenic Capital Management pushed Snap to optimize its portfolio and performance. The firm is an activist investor with an economic interest of roughly 2.5% in the company.

Snap explained that advancements...