Snap
Big Tech’s Favorite Legal Shield Takes a Hit
A Los Angeles judge has declined to dismiss a series of blockbuster lawsuits against Meta, TikTok, Snap and Google arguing their platforms are intentionally designed to addict and fuel mental health disorders in teenagers, increasing the likelihood they will have to potentially face or settle for billions of dollars the product liability claims. In the […]
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Snap Warns That “Rapid Transition” of Business Could Impact Earnings; Beats Revenue Expectations
Snapchat owner Snap Inc. beat Wall Street estimates in its second quarter earnings report, with revenues of $1.07 billion topping the $1.05 billion expectation, and it narrowed its quarterly losses to $377.3 million. Still, a difficult year-over-year comparison (revenues were down 4 percent from a year ago) and a warning for Q3 sent the share […]
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Snapchat Inks Content Partnerships With Women’s World Cup, NBCUniversal
Snapchat unveiled two new content partnerships and a tool to better pair brands with social media stars at their NewFronts presentation on Tuesday. The social media app will launch a new partnership with the Women’s World Cup, which will see exclusive content available across Snapchat’s Stories, Spotlight and Camera, as well as a partnership with […]
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Snap Revenue Drops By 7 Percent During First Quarter As Net Losses Shrink
Snapchat parent company Snap Inc. saw its total revenue drop by 7 percent to $989.6 million, falling within the company’s expectations but missing Wall Street’s consensus, as net losses shrunk by 9 percent to $328.7 million during the first quarter. The tech and social platform last reported $1.3 billion in revenue and $288 million in […]
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Snap CEO Says He’d “Love” a TikTok Ban In the “Short Term”
Snap CEO Evan Spiegel says a U.S. ban on TikTok would be beneficial in the “short term” but shared his concerns about the longer-term implications of “singling out a single technology company.” “We’d love that in the short term,” Spiegel said in an interview with Kara Swisher at the tech and social platform’s Snap Partner […]
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Snapchat Expands Eligibility for Revenue Sharing Program
Snapchat is opening up its revenue sharing program for more creators posting to Stories, the ephemeral photos and videos that users share with friends and followers that are available for 24 hours. To be eligible to join the program, which is invite-only, creators must have at least 50,000 subscribers, more than 25 million monthly snap […]
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Snap Hires Top Ad Executive From Microsoft
Snap has hired a top advertising executive from Microsoft to oversee its ad sales across the U.S., Canada and Latin America. Rob Wilk was most recently the corporate vp for Microsoft Advertising, where he oversaw a team of nearly 2,000 employees and a division where annual revenue crossed $10 billion. Prior to his eight-year career […]
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Snap Grows Paid Subscriptions But Quarterly Losses Keep Up Amid “Significant Headwinds”
Snap Inc. brought in $1.3 billion revenue and reported net losses amounting to $288 million to close out 2022 as it prepares for a worsening economy impacting its business. “We continue to face significant headwinds as we look to accelerate revenue growth, and we are making progress driving improved return on investment for advertisers and innovating […]
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Snap Revenue Rises, but Losses Widen as Restructuring Hits Earnings
Snap Inc. reported $1.13 billion in revenue in the third quarter of 2022 amid a period of tumult in which it pulled its forward-looking guidance, laid off some 20 percent of its employees and completely restructured its operations. Revenue was up 6 percent from a year prior, but essentially flat with Q2. Snap reported a […]
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Social Media Giants to Top Creators: Your Terms of Service Have Changed
As creators increasingly diversify their presence across all major social platforms, companies like YouTube and Twitch are rewriting the rules around revenue sharing and rethinking just how generous they should be with their content partners. On Sept. 20, YouTube, led by Susan Wojcicki, unveiled a series of creator-driven announcements, including a plan to bring its “secret […]
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Snap Unveils Inaugural Class for $120K Black Creator Accelerator Program
Snap has selected 25 Black creators to participate in its first accelerator program dedicated to providing mentorship and financial support for emerging Black creatives. The yearlong program is housed underneath Snap’s 523 initiative — a reference to Snap’s first office at 523 Ocean Front Walk — that supports creators and small businesses from underrepresented groups. […]
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Snap to Cut 20 Percent of Staff, Snap Originals Scrapped in Major Restructuring
Snap will lay off around 20 percent of its workforce on Wednesday, according to a memo from Snap CEO Evan Spiegel sent to employees. The layoffs will see more than 1,200 employees cut, with the company expecting to save about $500 million. “The scale of these changes vary from team to team, depending upon the […]
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