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The company in 2022 laid off what was then 20% of its workforce, around 1,200 employees, and another 3% of its staff last year. In this photo illustration a Snapchat logo seen displayed on a smartphone. RELATED ARTICLE Snap to lay off 10% of staff, cutting approximately 500 jobs Snap said Monday that the layoffs were meant to “best position our business to execute on our highest priorities” and to “promote in-person” work. “Based on these numbers, yesterday’s layoffs appear more than necessary as the company will need to rethink its strategy, particularly in terms of monetization,” Thomas Monteiro, senior analyst at Investing.com, said in emailed commentary following the report.
Investors may be especially disappointed by Snap’s Tuesday results in the light of rival platform Meta’s 200% year-over-year profit growth for the same period, reported last week, which indicated an improvement in the larger digital advertising market, Monteiro said. “Snap has failed to show the market its ability to capitalize on Brazil Mobile Number List resilient ad spending across different parts of the economy,” he said. Snap has been working to improve its advertising technology and offerings, following changes Apple’s made to its app tracking policies in 2021 that delivered a hit to the business models of Snapchat, Facebook and other platforms.
Spiegel touted the success of Snap’s ad-targeting efforts on Snap’s earnings call on Tuesday, saying the company had seen the number of small and medium-sized advertisers grow 20% year-over-year. “I do think we’re making significant progress and we’re optimistic that we can continue to accelerate,” Spiegel said. Snapchat in November announced a deal with Amazon that would let Snapchat users click on Amazon ads on the app, shop and check out, all without leaving the platform. The tool appeared to be a bid to more readily compete with the e-commerce offerings of rivals like Instagram and TikTok and to make Snapchat more attractive to advertisers.
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发表于 2024-2-29 13:05:15