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Snap reports reports first quarter revenue up 21% Earnings reports 

Snap reports reports first quarter revenue up 21%

GaryPageau ,
Snap Inc. announced financial results for the quarter ended March 31, 2024. The company’s revenue was $1,195 million, compared to $989 million in the prior year, an increase of 21% year-over-year. The net loss was $305 million, compared to $329 million in the prior year. “The value we provide our community and advertising partners has translated into improved financial performance,”... Read More
Changes to advertising environment impacting Snap results News 

Changes to advertising environment impacting Snap results

GaryPageau ,
Snap Inc. said changes to its advertising platform hurt demand for ads, and warned results in the next quarter could fall below Wall Street’s targets. “Our community continues to grow, reaching 383 million daily active users in Q1, and we are working to deepen engagement with our content platform while building innovative new features and services like My AI,” said Evan... Read More
Instagram reaches a billion users, launches IGTV New Products News Opinion 

Instagram reaches a billion users, launches IGTV

GaryPageau , , , ,
Instagram announced the app has reached 1 billion users, a mere eight years after launch and six years after its 2012 acquisition by Facebook. Facebook now has four platforms in the billion-plus users club: Facebook (2.2 billion), Messenger (1.3 billion), Whatsapp (1.5 billion) and now Instagram. In other Insta-news, the company also introduced a new app for creating and showing long-form,... Read More
Adweek: Snapchat lays off 100 staff in advertising department News 

Adweek: Snapchat lays off 100 staff in advertising department

GaryPageau ,
According to Adweek, Snap‘s third-round of layoffs this year impacted 100 people from the advertising department. According to Laurie Johnson, Adweek’s senior technology editor: After cutting jobs for roughly 120 engineers earlier this month and 22 staffers across the company in January, Snapchat is downsizing its staff yet again—and its latest round of layoffs targeted its advertising department. Snap is... Read More
Third-party Android apps can now use Google’s Pixel 2 Visual Core News 

Third-party Android apps can now use Google’s Pixel 2 Visual Core

GaryPageau , , , ,
Photos taken with the impressive Google Pixel 2 smartphone will soon look better when taken with popular apps like Snapchat and Instagram. Google engineering manager Ofer Shacham posted the company was turning on the Pixel Visual Core technology to third-party apps. Shacham notes Visual Core powers the HDR+ technology debuted in the Pixel 2, which had only been accessible using the... Read More
Snap to let users share Stories outside Snapchat app News Opinion 

Snap to let users share Stories outside Snapchat app

GaryPageau ,
MarketingLand reports Snap will soon let non-users view Snapchat Stories on the web. Users will be able to share a limited number oif links to view Snapchat Official Stories, Our Stories and Search Stories on Snapchat’s site, which is a rebuke to Snap’s app-first strategy. “The new Story-sharing feature will be limited to some of the public Stories appearing in Snapchat’s redesigned Discover... Read More
Snap announces more layoffs News 

Snap announces more layoffs

GaryPageau ,
Snap has just laid off 22 employees, according to Engadget.  According to The Information, Snap’s content team has now consolidated operations in its Venice Beach, Calif., location, when it previously had members in both Venice and New York City. In recent months, Snap has struggled with user monetization, with slow adoption of its Snap Spectacles and concerns over its upcoming... Read More
Daily Beast looks inside Snapchat data and culture: It’s not pretty News Opinion 

Daily Beast looks inside Snapchat data and culture: It’s not pretty

GaryPageau , ,
Daily Beast writer Taylor Lorenz disclosed never-reported information about the culture of secrecy permeating Snap Inc. and the data regarding key features of its flagship app, Snapchat. Among the revelations: “The company operates in secret “need to know”-type bubbles, where many in sales, content, or non-engineering roles feel kept in the dark.” Employees routinely find out about Snap products and services in... Read More
Snap reports earnings, stock price plummets, redesign on the way Earnings reports News Opinion 

Snap reports earnings, stock price plummets, redesign on the way

GaryPageau , , 1 Comment
Snap’s road to profitability hits bump as Spectacle sales stall Snapchat app and Spectacles maker Snap Inc. still hasn’t told a story Wall Street  wants to hear, as the stock dropped 15 percent after the company reported disappointing third-quarter results (shown below). Snap revenue was up 62 percent to $207 million in the third quarter but losses mounted faster: $443 million... Read More