Snap
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Shares in the owner of instant messaging app Snapchat fell by more than 31% at times in after-hours trading on Tuesday as Snap announced its fourth quarter and full year 2023 results. Snap missed analysts' revenue expectations and shocked investors with a surprisingly high loss forecast for the current quarter. Fourth quarter revenue increased by 5% year-on-year to $1.36 billion. Analysts had expected an average of $1.38 billion. The bottom line was a loss of about $248 million in the quarter, following a loss of $288.5 million a year earlier. For the current quarter, Snap is forecasting reven...
DPA Breaking News
The owner of Snapchat said on Monday it was cutting around 10% of its staff, the latest in multiple rounds of lay-offs to hit the social media app. Snapchat parent Snap did not disclose the company's current headcount. At the end of September, Snap had around 5,700 employees. But it was not clear whether this figure included an earlier announced reduction of around 170 jobs. Snap said that the cuts announced on Monday are intended to reduce hierarchies. The company had already cut a fifth of its workforce in August 2022. Snap has been struggling with slow advertiser sales growth. In the first ...
DPA International
The owner of Snapchat said on Monday it was cutting around 10% of its staff, the latest in multiple rounds of lay-offs to hit the social media app. Snapchat parent Snap did not disclose the company's current headcount. At the end of September, Snap had around 5,700 employees. But it was not clear whether this figure included an earlier announced reduction of around 170 jobs. Snap said that the cuts announced on Monday are intended to reduce hierarchies. The company had already cut a fifth of its workforce in August 2022. Snap has been struggling with slow advertiser sales growth. In the first ...
DPA
The owner of Snapchat said on Monday it was cutting around 10% of its staff, the latest in multiple rounds of lay-offs to hit the social media app. Snapchat parent Snap did not disclose the company's current headcount. At the end of September, Snap had around 5,700 employees. But it was not clear whether this figure included an earlier announced reduction of around 170 jobs. Snap said that the cuts announced on Monday are intended to reduce hierarchies. The company had already cut a fifth of its workforce in August 2022. Snap has been struggling with slow advertiser sales growth. In the first ...
DPA Breaking News
San Francisco (AFP) - Le réseau social des adolescents Snapchat va de nouveau licencier des centaines de personnes, rejoignant d'autres entreprises technologiques qui réduisent leurs effectifs en ce moment. Snap, la maison mère de l'application, a annoncé lundi qu'elle se séparait de 10% de ses employés, soit environ 500 personnes. Elle avait déjà remercié 20% de son personnel à l'été 2022 (plus de 1.200 personnes). "Nous réorganisons notre équipe pour réduire les échelons hiérarchiques intermédiaires et promouvoir la collaboration", a déclaré un porte-parole de Snap. "Nous nous attachons à so...
AFP (Français)
San Francisco (AFP) - Social media company Snap, which runs the youth-focused Snapchat platform, on Monday said it was laying off about ten percent of its staff, joining a wave of job cuts in the tech sector. One day before it was due to announce its latest quarterly earnings, the company said that "approximately" ten percent of its global staff would be let go. "We are reorganizing our team to reduce hierarchy and promote in-person collaboration," a Snap spokesperson said. "We are focused on supporting our departing team members and we are very grateful for their hard work and many contributi...
AFP
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The UK communications watchdog is currently scrutinising TikTok for allegedly providing inaccurate information in response to a legal request – sparking an official investigation into the platform's compliance. Its inquiry stems from a report published by Ofcom on Thursday (14.12.23), evaluating the efforts of video-sharing platforms to prevent children from accessing harmful content. TikTok, Snap, and Twitch were all called upon by Ofcom to provide details on how they adhere to legal obligations aimed at safeguarding youngsters’ physical, mental, and moral well-being. The platforms should "ex...
BANG Showbiz English
Snap Inc. (NYSE:SNAP) is up almost 35% year-to-date as investors see the social media company as another generative AI beneficiary. This year, Snap unveiled a host of AI-focused updates, including “AI Snaps” and “My AI”, as it continues to play a catch-up game in the race with the likes of Meta Platforms. Snap stock has recorded solid YTD gains despite a setback it experienced in late April after reporting first-quarter results that missed the average analyst estimate. The Q1 underperformance has been blamed on continued investments to make its social media platform more up-to-date, all this w...
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