SNAP TO CUT 16% OF WORKFORCE AS IT SEEKS PROFITABILITY

Summary from the TLDR newsletter

Snap plans to cut around 1,000 jobs from its full-time workforce and close more than 300 open positions. The company is facing pressure from investors over its struggles for profitability. The cuts will enable Snap to increase efficiency and pursue profitable growth. Snap now projects that its total revenue will increase by 12% in the first quarter.