India, April 15 -- Snap, the parent company of Snapchat, is the latest tech company to cut jobs. In a memo to employees released in a regulatory filing on Wednesday, Evan Spiegel, Snap's co-founder and CEO, said that the company would cut 1,000 employees, about 16% of its global workforce, citing the growing ability of artificial intelligence (AI) tools.

"While these changes are necessary to realize Snap's long-term potential, we believe that rapid advancements in artificial intelligence enable our teams to reduce repetitive work, increase velocity, and better support our community, partners, and advertisers," Spiegel wrote, as per a report by Business Insider.

He said that the company would also shut more than 300 open roles, and that ...