Snapchat owner to cut 16% of staff

(CNN)– Snap, the owner of social media platform Snapchat is eliminating about 1,000 full-time jobs.

That’s about 16% of its staff.

In addition, more than 300 open positions will be closed.

Snap’s Chief Executive Evan Spiegel said in an employee memo Wednesday, April 15, the action was necessary for the company to become more efficient and profitable.

Spiegal added he expects the job cuts to help reduce Snap’s annualized cost base by more than half a billion dollars by the end of the year.

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