The departures are part of an exodus from Snap’s executive team that has shaken investor confidence and put renewed pressure on Mr. Spiegel to stabilize the firm’s leadership. Earlier this week, Tim Stone, the company’s chief financial officer, stepped down after less than a year on the job and weeks before the company is set to report 2018 earnings
Snap Inc (SNAP)
Snap, once seen as a viable competitor to Facebook, is struggling after the CEO Evan Spiegel ignored warnings about a redesign that proved unpopular
Earlier this year, Snap Inc. SNAP chief Evan Spiegel was pressing his team to launch a redesign of the company’s Snapchat app. The executives and designers repeatedly responded with an urgent message: We need more time.
Shares of Snap are now worth less than $5 each for the first time as of Friday’s close. The stock has declined fairly steadily as investors question its future.
Snap closed below $5 per share Friday for the first time ever, a new all time low. The entire market dropped on fears of a government shutdown and Wednesday’s announcement of rate hikes by the Federal Reserve.
Snap Inc (SNAP) has pinned its hopes on the over-35 crowd to revive user growth for its photo messaging app, a shift ad buyers said could backfire.
Snap Inc. plans to release a new version of the Spectacles glasses with two cameras by the end of the year
The new glasses, said to be codenamed Newport, will sell for $350, more than twice what the original version cost. Extra camera, will bring an augmented reality layer onto the glasses, adding 3-D-like photo effects to footage taken by the glasses.
Snap Inc. said the U.S. Justice Department and SEC are looking into allegations it misled investors ahead of its initial public offering last year.
Snap said it believes that the federal regulators “are investigating issues related to the previously disclosed allegations asserted in the class action about our IPO disclosures.”
StockMarketNews.Today – Spiegel recently wrote to employees, as reported by the website Cheddar, that this “was the year that Snap evolved from a product into a company.” The transition, however, has been challenging—and Wall Street doesn’t think profits are in the offing now or in the future.
Snapchat is a popular source for news among college students. A survey showed that it was right behind Facebook as a news source.
StockMarketNews.Today – In a survey of 5,844 college students from 11 US institutions, 89 percent said they got at least some of their news from social media over the previous week.
Since the beginning of the year, Snap has nearly tripled the time viewers spend engaging with its Shows.
StockMarketNews.Today – Snap has created portal Lenses for several of its shows, enabling users to swipe up from an episode of the Show and literally walk into a scene and interact with the objects and characters to deepen their experience.
StockMarketNews.Today – Being able to reengage with users will be critical in encouraging more advertisers to use the platform, thus generating more revenue and potentially greater average revenue per user. Its new partnership with Amazon.com could be the answer to all of Snap’s problems.
Snap today announced a slate of self-produced programming. The dozen shows, which will be part of a new program called Snap Originals.
StockMarketNews.Today – The series premiering today include Endless Summer, a spiritual successor to MTV’s Laguna Beach produced by Bunim/Murray Productions, which helped invent the genre with Real World; Class of Lies, a scripted show about two college classmate who host a true-crime podcast whose friend goes missing; and Co-Ed, another college-set show from the Duplass Brothers’ creative agency.
Google might be uniquely qualified to make the struggling Snap profitable – if it’s willing to take on all the risks involved.
StockMarketNews.Today – Following its recent tumble into the single digits — the decline kicked off in early August, following disappointing Q2 results and Q3 guidance — Snap Inc.