Snap Announces 1,000 Job Cuts Following Activist Investor's Criticism of Over-Hiring
Snap Inc. (SNAP) is cutting approximately 1,000 jobs, or 16% of its workforce, in response to activist investor Irenic Capital Management's criticism of over-hiring. The move is expected to reduce annualized costs by over $500 million. Despite the layoffs, Snap projects a 12% increase in first-quarter revenue to $1.53 billion.
Topics: Activist Investor Cost Reduction Layoffs Snap Inc. Workforce Cuts