Sep 03, 2024
Snap to focus on growing ads business, augmented reality amid poor stock performance
The announcement 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. 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 revenue of $5.34 billion, according to LSEG data. Snap's stock has fallen around 48% so far this year.