Snap to Focus on Boosting User Base and Investing in AR, Evan Spiegel Says
variety.comAndrew Wallenstein President and Chief Media Analyst Snap founder Evan Spiegel expressed confidence in steering his beleaguered company through tough times with a refined focus on three key areas, as outlined in a keynote interview Wednesday at the Code Conference in Los Angeles.
He identified boosting Snap’s user base of 350 million daily active users, reaccelerating revenue growth and investing in augmented reality as the road to recovery for a company suffering a 75% stock decline versus last year.
Last week, Spiegel announced he was laying off a fifth of the company and shuttering multiple product lines outside his narrowed focus, including original content.
The layoffs, he explained, were necessary to reaccelerate revenue growth at a time when macroeconomic circumstances make cost-cutting the only viable short-term solution.
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