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.
