snap Inc. In a bad condition. Despite surprising and encouraging results earlier in the year, it was a cold shower for parent company Snapchat for several months. Although its growth is too slow and son The stock market crashed, Snap Inc. closes its offices in San Francisco.
snap Inc. known better days
Last week, Snap Inc. reported results for the third quarter of 2022. And they are not very good. Indeed, Snapchat’s parent company lost 360% millions dollars this year and does not see son increase turnover by only 6%… Where the market was aiming for an increase of 8%. Then Wall Street was quick to sanction the company, which is a shame. Very bad. Shares of Snap Inc. fell over 30%. It lost almost 90% of its value in a year. Faced with increasingly fierce competition and increasingly skittish advertisers regarding ad spend, Snap Inc. had better days. However, Snapchat is recording a daily user growth of 19%. The figure is not sensational, but the average in recent years. But increasing users is not enough. Already in August last year, the company said it wanted to cut its costs in order to face to this bad patch. This is expressed in the desire to cut 20% of their workforce. Next month, Snap Inc. said goodbye to Zenly and its 70 employees. After launching Pixy, a mini selfie drone, earlier this year, Snap Inc. decided to drop the idea in August to focus on stopping that bleeding. Snapchat’s parent company has decided today to ditch its San Francisco offices and rely entirely on remote work. Unlike other giants tech who ask their employees to come at least a few days a week, like Apple Snap Inc. gives its employees some freedom of action. This is a good initiative, especially since employees can access coworking if they want to. If, in addition, it saves money, then it would be wrong for the company to deprive itself. But this is clearly not enough to raise the bar. Until the end of the year, the slogan is to limit the number of broken pots at Snap Inc. and not fall below the $10 billion mark in the valuation. It remains to be seen what the future holds for Snapchat’s parent company.
