Snap shares jumped 8.2% in pre‑market trading after announcing layoffs of about 1,000 employees, 16% of its workforce.
CEO Evan Spiegel said cuts and hiring freeze will trim the annualized cost base by over $500 million by H2 2026.
Q1 revenue rose 12% to $1.53 billion, slightly beating the $1.52 billion consensus estimate.
The restructuring aims to improve efficiency and achieve profitability amid challenges in the digital advertising market.