CFO Resigns From Santa Monica-Based Owner Of Snapchat Days After 1,000 Jobs Cut

Snapchat owner Snap Inc., which is headquartered in Santa Monica, has eliminated about 16% of its global workforce, the company's CEO revealed in a recent message to employees.

Days later, the company announced that its chief financial officer was leaving.

"(W)e are announcing changes that will impact approximately 1,000 team members at Snap, including 16% of our full time employees, in addition to closing more than 300 open roles," CEO Evan Spiegel wrote in an April 15 message to employees.

"This is an incredibly difficult decision, and I am deeply sorry to the colleagues who will be leaving us," he added. "You have made important contributions to Snap, and we are committed to supporting you through this transition."

The reason for the layoffs, Spiegel said, was plans to eliminate $500 million in costs during the second half of 2026 in an attempt to "establish a clearer path to net-income profitability."

He also said that advancements in AI would allow the company to reduce "repetitive" work.

"We have already witnessed small squads leveraging AI tools to drive meaningful progress across several important initiatives, including Snapchat+, enhanced ad platform performance, and efficiency improvements in our Snap Lite infrastructure," he said.

Laid-off U.S.-based workers will receive four months of severance pay, healthcare coverage, and equity vesting, along with career transition support.

In other news, Snap announced April 20 that Chief Financial Officer Derek Anderson was leaving the company after eight years and is being replaced by Vice President of Finance, Strategy and Corporate Development Doug Hott.

Anderson's last day with the company is May 8.