Snap announced on April 15 that it is laying off about 1,000 employees — roughly 16% of its global workforce — and closing more than 300 open roles. CEO Evan Spiegel told staff that AI now generates more than 65% of new code at the company, so smaller, focused teams can produce what larger ones used to. The restructuring will cut Snap's annualized cost base by more than $500 million by the second half of 2026, with a one-time charge of $95 to $130 million in Q2. US staff receive four months of severance plus healthcare, equity vesting, and transition support. The cut joins a growing list of tech layoffs explicitly blamed on AI productivity — a pattern economists are starting to track at the macro level.