New Delhi, April 15 -- Snap on Wednesday announced its plan to terminate approximately 1,000 employees-roughly 16% of its full-time workforce-following pressure from activist investor Irenic Capital Management to streamline operations and boost performance.

The Snapchat parent company will also eliminate over 300 vacant positions, aiming to slash annualized expenses by more than $500 million by the latter half of this year. Following the news, Snap's shares climbed over 5% in premarket trading, though the stock remains down nearly 31% for the year.

Smaller platforms like Snap and Pinterest are currently vulnerable as advertisers, facing geopolitical instability, prioritize the massive reach of giants like Meta and Alphabet. As of Decemb...