Snap to focus on growing ads business, augmented reality

By Reuters

Sep 05, 2024 12:06 am

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.

'You may be wondering why, with all of the progress we've made in our business over the last year, our share price performance has lagged the overall market. The answer is simple: our advertising business is growing slower than our competitors,' Spiegel said in the note.

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