United Kingdom, April 16 -- Snap has cut 1,000 jobs - 16 per cent of its workforce.

The parent company of Snapchat has announced the job cuts, which aims to reduce yearly costs by $500 million, to employees.

Evan Spiegel, co-founder and CEO of Snap, also told employees that they will be using AI tools to "reduce repetitive work and increase velocity" more going forwards, after "small squads" of works trialled the process.

Spiegel said in a memo to staff: "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."

But Spiegel also warned employees that su...