Stock Market Today, April 15: Snap Jumps After Announcing 1,000 Job Cuts and $500 Million Cost Savings Plan
2026-04-15 17:38:27 ET
Snap (NYSE:SNAP) , a social media technology platform, closed at $6.03, up 7.68%. The stock moved higher after announcing restructuring news detailing 16% workforce reductions, over $500 million in targeted cost savings, and a shift to an AI-focused strategy. Trading volume reached 143.9 million shares, coming in about 161% above its three-month average of 55.2 million shares. Snap IPO'd in 2017 and has fallen 75% since going public.
The S&P 500 added 0.79% to finish at 7,022, while the Nasdaq Composite climbed 1.59% to close at 24,016. Among internet content & information names, Meta Platforms closed at $671.58 (up 1.37%), and Pinterest finished at $20.27 (up 8.37%), underscoring broad digital-ad strength.
Publicly traded since 2017, Snap has yet to become consistently profitable, despite being one of the world’s most popular social media apps. With this in mind, Snap’s announcement that it would cut roughly 16% of its staff, or 1,000 jobs, in an effort to save over $500 million annually, resonated with the market today.
NASDAQ: SNAP
SNAP Trading
2.98% G/L:
$6.225 Last:
12,638,168 Volume:
$6.20 Open:
