Snap will concentrate on expanding and diversifying its underperforming advertising business with a focus on an augmented reality (ar), CEO Evan Spiegel Informed EPLOOOOEEES EPLOOOYEES in Ana Tuesday.
The announsement comes amid a challenging period for the Snapchat Owner, as it contends with Major Social Media Players Such as Instagram Parent Meta Platforms and bytedance’s Tiktok for Advertising Revenue.
“You may be wondering why, with all of the program we’ve made in our business over the last year, our share price performance has lagged the overall market. is growing slower than our competitors, “SPIEGEL SAID in the Note.
At the start of August, Snap Projected a Weak Forecast for the Current Quarter, Citing a decrease in advertising spend and is now expected to report fiscal 2024 revionue of $ 5.34 billion (roughly 44,837 Croe) Data.
Snap’s stock has fallen Around 48 percent so far this year.
The company will also also revamp its market strategy by launching new ad placements power Machine Learning (Ml) And automation.
It is also developed ar and smart glasses, much like its peer meta.
“We are investment in creating ar glasses that allows that allows with computing, the world, and one another in totally new ways,” The note said.
In June, Snap launched generative ai tools that enable users to apply more realistic Effects when using their phone cameras to film themselves.
© Thomson Reuters 2024
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