snap
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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...
ValueWalk
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
Snap has rebounded more than 30% from its October 21st low.After a likely setback again in Q4, revenue growth is forecast to pick back up in 2023.Last quarter, daily active Snap users rose by 57 million.Snap’s next-generation user base will be impossible for advertisers to ignore.Perhaps it’s an omen that Snap Inc.’s (NYSE:SNAP) monthly chart is shaped like a boomerang. What soared through the air during the pandemic ultimately returned to where it was launched. Down almost 90% from its September 2021 peak, the social media stock has been rudely ghosted by the market. A disappointing Q3 earnin...
ValueWalk
Snap’s third quarter revenue came in at $1.13 billion, compared to 1.14 billion projected.Daily Active Users (DAU) increased to 363 million.Snap continues to struggle as restructuring costs, and falling ARPU weigh on results.Snap (NYSE:SNAP) fell in after-market trading as results did not meet investor expectations. Snap’s stock declined by 25%, and this was most likely due to losses surging to $360 million and growth slowing significantly compared to previous years. Q3 2022 hedge fund letters, conferences and more Find A Qualified Financial AdvisorEach advisor has been vetted by SmartAsset an...
ValueWalk
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
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