Memo: Snap CEO Evan Spiegel says the company plans to lay off ~1,000 full-time employees, or 16% of its global workforce, to cut costs and achieve profitability

Snap is swinging the axe. The company behind Snapchat is cutting roughly 1,000 full-time employees — 16% of its entire global workforce — in a major restructuring aimed at trimming costs and finally reaching profitability.

CEO Evan Spiegel laid out the plan in an internal memo. The message was clear: Snap needs to get leaner to survive.

The cuts represent one of the more significant reductions at the company and signal that Spiegel is done waiting for growth alone to solve Snap's bottom-line problems. Instead, the path forward runs straight through headcount reduction.

Snap has struggled to consistently turn a profit despite maintaining a massive user base. This latest round of layoffs suggests leadership believes operational efficiency, not just revenue growth, is the key to getting there.