Snap
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
Santa Monica (United States) (AFP) - Snapchat parent Snap on Wednesday unveiled new tactics including the increased use of artificial intelligence in its struggle to expand beyond the app's loyal user base and reach profitability. Snap chief Evan Spiegel, who cofounded the Southern California-based company in 2011, opened its annual conference with word that an average of 750 million people use the image-centric messaging service each month. In more than 20 countries, Snapchat reaches the vast majority of those who range in age from 13 to 34, Spiegel said. But unlike Meta, with its "family" of...
AFP
San Francisco (AFP) - Shares in Snapchat's parent company plunged more than 26 percent on Thursday on a quarterly earnings report that showed revenue was slowing as online advertisers tighten budgets. In what could be a harbinger of pain to come for other tech firms like Google and Meta that rely on digital ads to make their money, Snap said that revenue in the recently ended quarter grew just 6 percent to $1.13 billion when compared to the same period the previous year. Snap reported that it lost $360 million in the quarter, compared with a $72 million loss in the third quarter of last year. ...
AFP
San Francisco (AFP) - Snapchat's parent company confirmed Wednesday it is cutting 20 percent of staff, as the troubled messaging app attempts to dig itself out amid competition and revenue woes, as well as recent quarterly losses. A hit with young internet users in its early days, Snapchat has remained a small player in the social networking space as competition from other apps, such as TikTok, has grown ever more intense. "We must now face the consequences of our lower revenue growth and adapt to the market environment," Snap CEO Evan Spiegel said in a note to employees Wednesday announcing t...
AFP
San Francisco (AFP) - Two top executives at Snap are leaving to join Netflix, the streaming giant said Tuesday, after a report emerged that the Snapchat parent company is to slash its workforce by a fifth. Netflix said in a statement that Snap's chief business officer Jeremi Gorman and Peter Naylor, the vice president of ad sales for the Americas, will be joining the company in September. The announcement came after tech news website The Verge reported that the southern California-based Snap Inc. plans to lay off about 20 percent of its more than 6,400 employees. or Snap declined to comment on...
AFP
San Francisco (AFP) - Snapchat's owner plans to "substantially" slow recruitment after bleak results Thursday wiped 25 percent off the stock price of the tech firm, which is facing difficulties on several fronts. Snap reported that its loss in the recently ended quarter nearly tripled to $422 million despite revenue increasing 13 percent under conditions "more challenging" than expected. A hit with young internet users in its early days, ephemeral messaging app Snapchat has remained a small player in the social networking space as competition has grown ever more intense. "We are not satisfied ...
AFP
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