The Short Version
Snap confirmed 1,000 layoffs saving $500 million while shielding its Specs AR glasses unit, which failed to raise $1 billion ahead of a planned fall 2026 launch.
Snap cut 1,000 jobs and closed 300 open roles to save $500 million, then turned around and protected its AR glasses unit, called Specs Inc., from every cut. A $1 billion funding round for Specs fell through, and Snap still plans to launch the glasses this fall while hoping investors show up afterward. Laying off a thousand people to fund a product that couldn't raise its own money is a very specific kind of confidence.