Snap’s stock jumps on plans to axe 16% of its workforce citing AI efficiencies (opens in new tab)

Snap’s shares jumped about 7% on Wednesday after the company announced plans to slash up to 16% of its global workforce, citing AI-driven efficiencies. CEO Evan Spiegel said in a letter to staff that the reduction would affect around 1,000 members of staff and that at least 300 open positions would be closed. Snap, the […] The post Snap’s stock jumps on plans to axe 16% of its workforce citing AI efficiencies appeared first on OODAloop.