Snap Stock Jumps as Outlook Improves and 1,000 Job Cuts Back AI, Specs Push
Snap expects $1.529 billion in Q1 revenue and $233 million in adjusted EBITDA, ahead of its May 6 earnings call. The company will cut about 1,000 jobs, or 16% of staff, and close over 300 open roles, aiming to lower annualized costs by $500 million by late 2026. Shares rose 8.74% Tuesday and gained over 5% premarket Wednesday. Snap also signed a multi-year deal with Qualcomm for AR glasses using Snapdragon XR chips.