Snapchat on the decline? execs aren’t happy with results

Snap – best known for the social media app ‘Snapchat’ has reported its quarterly earnings, and company execs say the company can do better

Snap saw gains in both users and revenue, but it’s occurring at a much slower rate seen in past quarters.

In a note to investors, the company says its financial results do not reflect the scale of ambition and executives aren’t happy.

In a bid to regain momentum, Snap will “recalibrate” its hiring, goals, and investments.

Meanwhile, Snap co-founders Evan Spiegel and Bobby Murphy will remain on as the company’s CEO and CTO for another four years.

Spiegel and Murphy will be paid $1 per year with no additional equity, but have been promised a stock split if Snap’s share price reaches $40 within the next 10 years.

But it’s not all bad news for Snap, the company making one-point-one billion in revenue during quarter two, up from 982-million in 2021, adding 15 million more users.