While we will continue our work to reaccelerate revenue growth, we must ensure Snap’s long term success in any environment. Our forward-looking revenue visibility remains limited, and our current year-over-year QTD revenue growth of 8% is well below what we were expecting earlier this year.
Thank you for your patience as we have worked through our 2023 financial planning and reprioritization process. Chief Executive Officer Evan Spiegel explained to the staff why the changes are necessary, saying “it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses.” We help people share pictures,” Spiegel told Bloomberg.(Bloomberg) - Snapchat’s parent company decided to cut jobs and stop investing in some projects, in an effort to refocus the business on growing ad revenue. We just don’t have the capability to solve that. I’m not going to stand up and make a statement that is that ludicrous. When asked about Snapchat’s broader mission to protect privacy in a social media landscape that includes giants like Facebook and Twitter, where everything is on permanent display, he narrowly defined the company by its original goal - to share pictures. Indeed, Spiegel has been touring agencies in New York and Los Angeles, courting media companies like iHeartMedia to join the company’s Discover news network and looking to entice brands to try its new advertising program.ĭespite Snapchat’s astounding valuation and rapid success, Spiegel is not shy from admitting his own inexperience. “I’ve been working,” Spiegel told Bloomberg. The CEO has been known to rarely take such extensive interviews let alone provide a statement. At the helm of the four-year-old company, which is valued at $15 billion and is home to 330 employees, is a precocious 24-year-old named Evan Spiegel.īloomberg’s Brad Stone sat down with Spiegel for a 90-minute interview at Snapchat’s headquarters in Venice, California. Snapchat has captured the attention of over 100 million active users and is increasingly popular as a platform for media companies, major advertising agencies and celebrities.
0 kommentar(er)
