![]() It has also shut down its Web3 team in the past month, along with several projects including a social mapping app an app that would have allowed people to write songs collaboratively and a drone selfie camera. Snap has announced plans to lay off roughly 20% of its staff and reportedly plans to give up its San Francisco offices. This comes as user growth is stagnating, but hasn’t quite come to a halt. The company recently posted a $360 million quarterly net loss and has been having trouble attracting advertisers. While the losses are on paper and both founders are still billionaires, the sharp drop underscores Snapchat’s troubled position in the social media space these days. 21, 2021, and currently is worth about $2.3 billion.Ĭofounder and CTO Bobby Murphy saw his worth fall 81% to $1.9 billion, per Bloomberg. The stock has rallied 26% this year through Wednesday’s close after plunging 81% in 2022.Evan Spiegel, who is also CEO of the company, has seen his net worth fall 83% in the past year, as of Friday, according to Bloomberg. The shares declined about 1% to $11.17 at 12:55 p.m. Meanwhile, Snap is making changes to its ad offerings this year that may drag on revenue in the first quarter. The company has already said that the slide in digital marketing spending that’s hurt the industry for the past year is leveling off. ![]() In the first quarter, analysts expect the company’s revenue to post the first-ever drop from a year earlier, while the amount of money Snap makes per user is projected to fall to the lowest in almost three years. The numbers disclosed Thursday signal that the app can continue to expand its user base, which may help counter major declines in its digital ad business. Snap last year said it was scaling back operations and narrowing its focus to three priorities: adding users and getting them to spend more time on Snapchat jump-starting revenue growth and investing in augmented reality technology. Those investors will be listening for signs that the company’s plan to shift its strategy is paying off. ![]()
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