Tag Archives: Snap

Snap stock’s growth takes a hit amidst growing concerns | Technology

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Snapchat’s owner narrowly missed Wall Street’s hopes as it continues to grapple with slowing digital advertising. The social media company’s stock price fell by nearly a third.

Snap said it was “encouraged by our progress,” but cited factors such as the Middle East conflict that had hurt its business.


Snap’s revenue rose 5% to $1.36 billion in the three months ended Dec. 31, missing analysts’ expectations for $1.38 billion. Net loss narrowed from $288 million to $248 million.

Investors remained concerned about the company’s growth. The company expects revenue for the current quarter to be between $1.1 billion and $1.14 billion. Analysts had expected about $1.1 billion.

Snap shares fell 30% to $12.21 in after-hours trading in New York.

Alphabet, owner of Google and YouTube, the world’s two biggest advertisers, and Meta Platforms, owner of Facebook and Instagram, are in a better position. Smaller companies in the market continue to struggle.

Santa Monica, Calif.-based Snap expects to end 2023 with about 414 million daily active users, a number that will rise to 420 million in the first quarter.

The group told investors on Tuesday that it was “shifting our focus to user growth and deepening our engagement in our most profitable regions, including North America and Europe.”

Evan Spiegel, CEO of Snap, said: “2023 was a pivotal year for Snap. We transformed our advertising business and continued to grow our global community, reaching 414 million daily active users.” We have 7 million subscribers who pay for our products.

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“Snapchat strengthens our relationships with friends, family and the world, and this unique value proposition has provided a strong foundation on which to build our business for long-term growth.”

The company releases its financial results a day after announcing it would lay off about 10% of its global workforce, or about 530 people, as part of an organizational restructuring to “reduce hierarchy and increase in-person collaboration.” did. Last week, the company recalled its Pixy selfie drone due to the risk of fire due to battery overheating.

Source: www.theguardian.com

Snap collaborates with edtech firm Inspirit to introduce augmented reality technology in 50 American schools

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Snap announced Wednesday that it is partnering with edtech company Inspirit to bring augmented reality to classrooms to help students better understand STEM lessons. The two companies are working together to create 25 AR lenses and his STEM curriculum that will be used by at least 50 people across the U.S. next year.

One of the AR lenses is designed to help students find the volume of a cylinder, and the other is designed to help users tap on a bubble to select the appropriate volume to pop it. Masu.

Image credits: snap

Snap says that since the pilot program began, 85% of students said AR helped them improve their memory and memory retention. The company also found that AR lessons increased his engagement by nearly 50%, and that 92% of his students found his AR content easy to understand.

“By incorporating custom-built lenses into an easy-to-use mobile application using a camera kit, Inspirit has designed an innovative curriculum that combines Snap’s AR technology with comprehensive learning guides to help teachers create dynamic learning. “We’ve empowered students to achieve their best, regardless of grade. They can learn in the classroom or at home,” the company said in a blog post. “This curriculum is designed to stimulate participation in class, increase confidence levels, and increase students’ sense of self-efficacy.”

Snap’s push into AR for education comes a month after the company shut down its AR Enterprise Services division less than a year after it launched. The initiative, announced in March, gives brands access to tools that allow him to perform AR try-on features, a 3D viewer to see products from multiple angles, fit and sizing recommendation technology, an enterprise manager, and more. became. their digital assets. The company said that ramping up its efforts would require “significant” investments and that it could not continue to fund the efforts.

Despite Snap’s declining revenue, the company’s stock rose nearly 12% yesterday. report revealed Snap Inc. could report better-than-expected results next year, according to an internal memo. The note reveals that Snap could reach more than 475 million daily active users in 2024, up from analysts’ prediction of 448 million, according to a report by It is said that it exceeds that. The Verge.

Snap is scheduled to announce its third quarter 2023 financial results on October 24th.

Source: techcrunch.com