Snap Inc lost more users than Wall Street expected in the third quarter as it continued to grapple with an unpopular redesign of its Snapchat photo-messaging app and fierce competition from Facebook Inc's Instagram.
Snap Inc’s Chief Executive Evan Spiegel has set a goal to achieve full-year profitability in 2019 and outlined a new set of strategic goals, online news service Cheddar reported on Thursday, citing a memo.
Snap Inc, the parent of Snapchat messaging, said on Monday Chief Strategy Officer Imran Khan will step down, the latest top-level exit amid pressure to stem user declines following a controversial redesign of the app.
The funding will help the London-based start-up hire at least 50 more people this year and open offices in Hong Kong and New York. It comes after four years of strong growth, with sales doubling every year.
Snap Inc on Tuesday received a vote of confidence from a billionaire investor and reported record revenue from outside North America, factors that helped soften the blow of its first-ever drop in daily users.
The Facebook-owned social network launched a mobile app on Wednesday dedicated to user-generated videos up to an hour long, upping the competition for consumers’ time among ad-supported streaming services like YouTube.