Snap ditches Web3 plans amid mass layoffs
Metaverse-related plans first on the chopping block for struggling social media company
Company
Snap Inc
NYSE:SNAP
The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps. Snaps are viewed primarily through the Snapchat application, but can also be embedded on the Web or on television in certain circumstances. Snapchat opens directly into the Camera, helping in creating a Snap and sending it to friends. The Company’s advertising products include Snap Ads and Sponsored Creative Tools, such as Sponsored Lenses and Sponsored Geofilters. As of December 31, 2016, on an average, 158 million people used Snapchat every day to Snap with family, watch Stories from friends, see events from around the world, and explore curated content from publishers.
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Snap plans to lay off a fifth of its staff - report
The social media group’s share price has dropped nearly 80% this year
Snap considers headcount cull weeks after net loss doubles
The social media platform plans to reduce its headcount after its net loss widened in the second quarter
Snap bears the brunt as digital advertising suffers in downturn
Shares tumbled 25% as it missed a raft of Wall St forecasts
US stocks rise Wednesday after Fed meeting minutes signal further interest rate hikes
The minutes reaffirmed that the Fed's position is that it would be appropriate to rise interest rates by 50 basis points over the next couple of meetings
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FTSE 100 ends with gains but off days highs as investors await minutes from last Fed meeting
At the close, the UK blue-chip index was 38.40 points, or 0.5% higher at 7,522.75, below the session peak of 7,546.41 but above the day's low of 7,484.35
Snap dives and spooks wider tech sector
The social media company blamed economic conditions worsening "further and faster than anticipated", as well as changes to Apple's iPhone privacy settings and the war in Ukraine
Hardware & electrical equipment
Snap first-quarter loss sends investors into tizzy
Snap is the first of the major tech companies to report first-quarter earnings, and its results could cast a shadow over Meta Platforms Inc and Twitter Inc
Hardware & electrical equipment
Snap reports first quarterly profit and quicker-than-expected recovery from Apple privacy changes
Daily active users totalled 319 million at the end of 2021 and are expected to rise as high as 330 million by the end of March
Instagram, Snapchat and Tiktok among apps accused of breaching UK's Children's Code
The Children’s Code, officially called the Age Appropriate Design Code, came into force in August and carries potential fines of up to 4% of global turnover for companies that do not comply
Snapchat and TikTok face fines unless they protect users from harmful videos under new UK rules
Video-sharing platforms to have breached Ofcom's obligations to protect users could be fined up to 5% of turnover or £250,000, whichever is bigger
Hyped growth stocks heading for dotcom bubble-style crash, says investment manager
Eugene Barbaneagra told Proactive that 2020 has seen an acceleration of new money flowing into asset bubbles and "speculative investments, including into unprofitable hype stocks", all of which could go into reverse when the bubble finally
Snap shares hit record high as revenue more than doubles
The disappearing messages app also reported earnings of US$0.10 per share, blowing past analyst predictions of a US$0.01 loss
Hardware & electrical equipment
Snap warns Apple privacy changes could risk ad business
The Snapchat owner said the changes, which will ask Apple's iPhone users for consent to use their data for personalised ads, presented a "risk of interruption to [advertiser] demand"
Snap surges as users lap up augmented reality filters and video content
Snapchat’s 249mln daily active users compares well to Twitter’s 186mln and 100mln for TikTok, though remains dwarfed by Instagram’s 500mln
Snap stock slides as COVID-19-led user growth proves ephemeral
Second quarter user numbers increased by 17% but underwhelmed expectations that were raised in the early weeks of the coronavirus (COVID-19) pandemic
Snap shares rally as user activity surges in coronavirus lockdown
Communications, users, and downloads were higher amid the early days of lockdown, the Snapchat owner confirmed
Snap shares drop pre-market trading as Snapchat owner sees fourth-quarter revenue miss estimates
Snap said its quarterly revenue increased by 44% to $560.88 million but that missed the consensus estimate of $563.03 million
UBS hikes Snap to Buy and raises price target to $24 on ‘momentum’
Analysts expect Snap to keep increasing its ad revenue and user growth into the new year
Snap shares struggle despite third quarter revenue beat, strong user growth
The social media giant saw its active users increase 13% to 210 million and revenue grow to $446 million from $298 million