Snapchat
Snap to Slash Workforce by 10 Percent Amid Tech Layoff Spree
Another day, another round of tech layoffs. Snapchat owner Snap on Monday said that it would be slashing its global workforce by 10 percent. The company disclosed the news in a securities filing, writing that “in order to best position our business to execute on our highest priorities, and to ensure we have the capacity […]
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Snap Beats Wall Street Expectations as Revenues and Users Rise
Snapchat owner Snap Inc. reported its third-quarter earnings Tuesday afternoon, beating Wall Street expectations on both revenue and earnings per share. The company reported revenue of $1.2 billion and an EPS of $0.02. Wall Street had been expecting revenue of $1.11 billion and earnings per share of -0.04. The company also said that its daily […]
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Snap Revenue Drops By 7 Percent During First Quarter As Net Losses Shrink
Snapchat parent company Snap Inc. saw its total revenue drop by 7 percent to $989.6 million, falling within the company’s expectations but missing Wall Street’s consensus, as net losses shrunk by 9 percent to $328.7 million during the first quarter. The tech and social platform last reported $1.3 billion in revenue and $288 million in […]
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Snap CEO Says He’d “Love” a TikTok Ban In the “Short Term”
Snap CEO Evan Spiegel says a U.S. ban on TikTok would be beneficial in the “short term” but shared his concerns about the longer-term implications of “singling out a single technology company.” “We’d love that in the short term,” Spiegel said in an interview with Kara Swisher at the tech and social platform’s Snap Partner […]
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Snapchat Expands Eligibility for Revenue Sharing Program
Snapchat is opening up its revenue sharing program for more creators posting to Stories, the ephemeral photos and videos that users share with friends and followers that are available for 24 hours. To be eligible to join the program, which is invite-only, creators must have at least 50,000 subscribers, more than 25 million monthly snap […]
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Snap Hires Top Ad Executive From Microsoft
Snap has hired a top advertising executive from Microsoft to oversee its ad sales across the U.S., Canada and Latin America. Rob Wilk was most recently the corporate vp for Microsoft Advertising, where he oversaw a team of nearly 2,000 employees and a division where annual revenue crossed $10 billion. Prior to his eight-year career […]
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Snap Grows Paid Subscriptions But Quarterly Losses Keep Up Amid “Significant Headwinds”
Snap Inc. brought in $1.3 billion revenue and reported net losses amounting to $288 million to close out 2022 as it prepares for a worsening economy impacting its business. “We continue to face significant headwinds as we look to accelerate revenue growth, and we are making progress driving improved return on investment for advertisers and innovating […]
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Snap Revenue Rises, but Losses Widen as Restructuring Hits Earnings
Snap Inc. reported $1.13 billion in revenue in the third quarter of 2022 amid a period of tumult in which it pulled its forward-looking guidance, laid off some 20 percent of its employees and completely restructured its operations. Revenue was up 6 percent from a year prior, but essentially flat with Q2. Snap reported a […]
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Snap Unveils Inaugural Class for $120K Black Creator Accelerator Program
Snap has selected 25 Black creators to participate in its first accelerator program dedicated to providing mentorship and financial support for emerging Black creatives. The yearlong program is housed underneath Snap’s 523 initiative — a reference to Snap’s first office at 523 Ocean Front Walk — that supports creators and small businesses from underrepresented groups. […]
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Snap to Cut 20 Percent of Staff, Snap Originals Scrapped in Major Restructuring
Snap will lay off around 20 percent of its workforce on Wednesday, according to a memo from Snap CEO Evan Spiegel sent to employees. The layoffs will see more than 1,200 employees cut, with the company expecting to save about $500 million. “The scale of these changes vary from team to team, depending upon the […]
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Netflix Poaches Snapchat Execs Jeremi Gorman and Peter Naylor to Lead Advertising Business
Netflix has found the executives who will lead its advertising business. The streaming giant has poached a pair of Snapchat executives: Snap Chief business officer Jeremi Gorman and VP of sales Peter Naylor, to lead its new ad venture, a spokesperson confirms to The Hollywood Reporter. Gorman will be president of worldwide advertising for Netflix, […]
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Snap Sued Over Video Overlay Technology
Snapchat maker Snap has been sued for copying video overlay and augmented reality features from a competing app that it allegedly teased acquiring in 2016. In a lawsuit, filed Wednesday in California federal court, Playvuu founder Shane Pollack accused Snap of stealing patented technology that he showed company executives related to the use of filters […]
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