Snapchat's Evan Spiegel Takes Shots At Facebook, Instagram In A Leaked Memo: 'Social Media Is Dead'
Portfolio Pulse from Benzinga Neuro
Snap Inc. CEO Evan Spiegel criticized rival social media platforms in a leaked memo, declaring 'Social Media is Dead. Long Live Snapchat!' He outlined a strategic plan for 2024 to address stagnant growth, focusing on user expansion in developed markets, an iOS-centric approach, improved ad targeting, and AR product development. The memo comes after several quarters of flat revenue growth and recent layoffs, signaling a pivotal moment for Snap's future direction.
January 10, 2024 | 7:28 am
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Evan Spiegel's leaked memo reveals a strategic shift for Snap Inc., focusing on user growth, iOS-centric development, improved ad targeting, and AR tech. This comes amid flat revenue growth and recent layoffs, indicating a critical juncture for the company.
The leaked memo from Snap's CEO is a direct communication to employees about the company's future strategy, which is likely to be a key driver of investor sentiment. The focus on new technologies and market expansion could be seen positively by investors, potentially leading to a short-term positive impact on SNAP's stock price. However, the recent performance issues and layoffs could temper the optimism, hence the confidence score is not at the maximum.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100