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Snap Shares Jump
Description
Snap shares rose 8.6% premarket after announcing plans to cut up to 16% of its global workforce, affecting ~1,000 employees and 300 open roles. CEO Evan Spiegel cited AI-driven efficiency gains, with AI agents generating over 65% of new code and handling 1M+ monthly queries. Snap projects $500M+ in annual cost savings by H2 2026 and forecasts $1.5B in Q1 revenue, up 12% year over year.
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