Omar Marques | SOPA Images | Lightrocket | Getty Images
Snap‘s shares jumped on Wednesday after the company announced plans to lay off up to 16% of its global workforce in an effort to streamline operations.
The stock was last up 6.6% in premarket trading.
Snap, the parent company of popular messaging platform Snapchat, said it is reducing its global headcount so it can reallocate resources towards its highest priority initiatives, including increasing its net-income profitability.
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