India, April 16 -- Snap, the parent company of messaging app Snapchat, said Wednesday that it is laying off 1,000 workers to reduce costs. The Santa Monica social media company is slashing 16% of its full-time workforce and closing more than 300 open roles. The cuts will reduce Snap's annualized cost base by more than $500 million by the second half of this year.

Snap is the latest tech company to cite efficiency gains from artificial intelligence as it cuts jobs and pulls back on hiring. Tech companies such as Meta, Block, Amazon, Oracle, and others have been laying off workers this year.

Snap Layoffs: What Did CEO Evan Spiegel Say?

"Over the past several months, we have carefully reviewed the work required to best serve our comm...