Snap announced on April 15 that it is eliminating approximately 1,000 positions (16% of its roughly 5,261 full-time employees) and closing over 300 open roles, with CEO Evan Spiegel citing AI advancement as a central driver, per TechCrunch. The company noted that AI now generates more than 65% of new code across its engineering teams. The restructuring is expected to reduce annualized costs by over $500 million by mid-2026, with restructuring charges of $95–$130 million in Q2; U.S. employees receive four months of severance. Snap stock rose roughly 7% on the news in pre-market trading.