April 15 (Reuters) - Snap SNAP.N will lay off about 1,000 employees, including 16% of full-time staff, the company said on Wednesday, becoming the latest tech firm to shift toward leaner teams as it ramps up AI adoption to streamline operations.
The move, which also includes the closure of more than 300 open roles, comes weeks after Irenic Capital Management pushed the Snapchat parent to optimize its portfolio and improve performance. The activist investor has an economic interest of about 2.5% in the company.
Snap said advances in artificial intelligence are helping it streamline operations and operate with smaller teams, with AI generating more than 65% of new code as it assigns critical work to focused teams and AI agents. The company had about 5,261 full-time employees as of December.
The social media firm’s shares rose 5.8%. The stock has fallen about 31% so far this year.
The company has invested heavily in its augmented reality glasses unit Specs, and plans to launch the product this year.
