Snapchat owner Snap Inc. reported its third-quarter earnings Tuesday afternoon, beating Wall Street expectations on both revenue and earnings per share. The company reported revenue of $1.2 billion and an Eps of $0.02.
Wall Street had been expecting revenue of $1.11 billion and earnings per share of -0.04.
The company also said that its daily active user base had grown to 406 million, an improvement of 12 percent year-over-year. However, the company continues to lose money, recording a $368 million loss in Q3.
Snap, led by CEO Evan Spiegel, had warned that Q3 would be difficult in its last quarterly report, when it disclosed 397 million daily active users and losses of $377 million. It seems he may have been somewhat overly cautious.
“Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted Ebitda as our reprioritized cost structure demonstrated the leverage in our business model,” said Spiegel in a statement. “We...
Wall Street had been expecting revenue of $1.11 billion and earnings per share of -0.04.
The company also said that its daily active user base had grown to 406 million, an improvement of 12 percent year-over-year. However, the company continues to lose money, recording a $368 million loss in Q3.
Snap, led by CEO Evan Spiegel, had warned that Q3 would be difficult in its last quarterly report, when it disclosed 397 million daily active users and losses of $377 million. It seems he may have been somewhat overly cautious.
“Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted Ebitda as our reprioritized cost structure demonstrated the leverage in our business model,” said Spiegel in a statement. “We...
- 10/24/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
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 at Microsoft, Wilk held advertising roles at Foursquare and Yahoo.
At Snap, Wilk will lead ad sales for the Americas in the newly created role of president of Americas. Based in New York, Wilk will report up to Snap COO Jerry Hunter.
“Rob came to us through an extensive search across the industry for many months, and we could not be more thrilled to welcome him to Snap,” Hunter said in a memo to staff. “We were impressed not only with Rob’s hands-on experience building a large and growing advertising business, but also his approach...
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 at Microsoft, Wilk held advertising roles at Foursquare and Yahoo.
At Snap, Wilk will lead ad sales for the Americas in the newly created role of president of Americas. Based in New York, Wilk will report up to Snap COO Jerry Hunter.
“Rob came to us through an extensive search across the industry for many months, and we could not be more thrilled to welcome him to Snap,” Hunter said in a memo to staff. “We were impressed not only with Rob’s hands-on experience building a large and growing advertising business, but also his approach...
- 3/27/2023
- by J. Clara Chan
- The Hollywood Reporter - Movie News
San Francisco, Feb 20 (Ians) Snap, the parent company of Snapchat, is reportedly planning to unveil its new ‘augmented reality (Ar) for businesses’ project, at its annual developer summit in April or perhaps even sooner.
According to the sources, the concept is to enable Ar shopping on clothes brands’ websites by utilising Snap’s virtual try-on technology and 3D asset management, reports The Verge.
This would be a whole new source of income for Snap, which needs to discover more sources of revenue if it wants to reassure sceptical investors.
Last week, the company announced that the “Ray Tracing” technology is now available in its Lens Studio to developers around the world.
Ray Tracing is a technical capability which enhances the realism of Ar experiences by reflecting light on digital objects.
Meanwhile, at the company’s “2023 Investor Day”, Jerry Hunter, Snap’s Chief Operating Officer, had said, “We are making it easier than ever to create,...
According to the sources, the concept is to enable Ar shopping on clothes brands’ websites by utilising Snap’s virtual try-on technology and 3D asset management, reports The Verge.
This would be a whole new source of income for Snap, which needs to discover more sources of revenue if it wants to reassure sceptical investors.
Last week, the company announced that the “Ray Tracing” technology is now available in its Lens Studio to developers around the world.
Ray Tracing is a technical capability which enhances the realism of Ar experiences by reflecting light on digital objects.
Meanwhile, at the company’s “2023 Investor Day”, Jerry Hunter, Snap’s Chief Operating Officer, had said, “We are making it easier than ever to create,...
- 2/20/2023
- by News Bureau
- GlamSham
Click here to read the full article.
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 net loss of 360 million, owing in part to extensive restructuring charges.
Daily active Snapchat users rose to 363 million in the quarter, up from 347 million the quarter prior, and up 19 percent year-over-year.
In August, the company announced a complete restructuring, with CEO Evan Spiegel saying that the company was planning to “increase focus on our three strategic priorities: community growth, revenue growth and augmented reality.”
Focusing on those core areas would help return the company to growth mode, Spiegel argued.
As part of that restructuring, Snap laid of about 20 percent of its employee...
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 net loss of 360 million, owing in part to extensive restructuring charges.
Daily active Snapchat users rose to 363 million in the quarter, up from 347 million the quarter prior, and up 19 percent year-over-year.
In August, the company announced a complete restructuring, with CEO Evan Spiegel saying that the company was planning to “increase focus on our three strategic priorities: community growth, revenue growth and augmented reality.”
Focusing on those core areas would help return the company to growth mode, Spiegel argued.
As part of that restructuring, Snap laid of about 20 percent of its employee...
- 10/20/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
Snap announced today that it laid off 20 percent of its staff in a restructure intended to cut costs and save the Snapchat parent’s plunging stock price. Beyond the headcount reduction of about 1,280 employees, one of the key casualties here are Snap-funded originals. Snap will no longer invest in new original programming, although the ones announced in May will still air as planned starting this fall.
What are/were Snap Originals? Developed with and paid for by Snapchat but produced by third-party production companies, there are more than 150 of them, including “Addison Rae Goes Home” starring influencer Addison Rae, Meme Mom” starring influencer NicoleTV, and “Coming Out,” in which LGBTQ+ influencer Manny Mua hosts a show that reflects the coming out journey for six young people. It also featured shows hosted by pro basketball player Stephen Curry and Olympic gymnast Simone Biles.
Shot in vertical orientation and made for swift consumption,...
What are/were Snap Originals? Developed with and paid for by Snapchat but produced by third-party production companies, there are more than 150 of them, including “Addison Rae Goes Home” starring influencer Addison Rae, Meme Mom” starring influencer NicoleTV, and “Coming Out,” in which LGBTQ+ influencer Manny Mua hosts a show that reflects the coming out journey for six young people. It also featured shows hosted by pro basketball player Stephen Curry and Olympic gymnast Simone Biles.
Shot in vertical orientation and made for swift consumption,...
- 8/31/2022
- by Tony Maglio
- Indiewire
New Delhi, Aug 31 (Ians) Snap CEO Evan Spiegel on Tuesday confirmed that the company is laying off 20 per cent of its workforce, roughly 1,280 employees from 6,400-strong headcount, as the company “must face the consequences of lower revenue growth and adapt to the market environment”.
In a letter to employees, he said that the scale of these lay offs vary from team to team, depending upon the level of prioritisation and investment needed to execute against the company’s strategic priorities.
“The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth. Overall, the size of our team will remain larger than it was at this time last year,” Spiegel said.
Snap’s stock has tanked nearly 80 per cent since the beginning of this year.
The job cuts at...
In a letter to employees, he said that the scale of these lay offs vary from team to team, depending upon the level of prioritisation and investment needed to execute against the company’s strategic priorities.
“The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth. Overall, the size of our team will remain larger than it was at this time last year,” Spiegel said.
Snap’s stock has tanked nearly 80 per cent since the beginning of this year.
The job cuts at...
- 8/31/2022
- by Glamsham Bureau
- GlamSham
Big changes are coming to Snap, Inc.
The company behind Snapchat will lay off about a fifth of its workforce as it dramatically restructures its business. As part of that plan, the platform will move away from Snap-funded original programming and will sunset several tech products and standalone apps.
Evan Spiegel, Snap’s co-founder and CEO, delivered the news via a memo that was sent to the Snap team and posted on the company’s official blog. Spiegel said that “low revenue growth” has forced Snap to reexamine how it will allocate its resources in the coming years.
“The investments we have made in our business to-date assumed a higher rate of revenue growth based on our vast opportunity and our proven history of execution, including 2x growth in the size of the Snapchat community and 10x growth in trailing twelve month revenue since our IPO in 2017,” Spiegel wrote.
The company behind Snapchat will lay off about a fifth of its workforce as it dramatically restructures its business. As part of that plan, the platform will move away from Snap-funded original programming and will sunset several tech products and standalone apps.
Evan Spiegel, Snap’s co-founder and CEO, delivered the news via a memo that was sent to the Snap team and posted on the company’s official blog. Spiegel said that “low revenue growth” has forced Snap to reexamine how it will allocate its resources in the coming years.
“The investments we have made in our business to-date assumed a higher rate of revenue growth based on our vast opportunity and our proven history of execution, including 2x growth in the size of the Snapchat community and 10x growth in trailing twelve month revenue since our IPO in 2017,” Spiegel wrote.
- 8/31/2022
- by Sam Gutelle
- Tubefilter.com
Reeling from an advertising slowdown and a grim economic environment, Snapchat parent Snap Inc. is laying off about 1,600 workers, or about 20 of its workforce.
The dramatic cuts follow a series of grim financial reports, which sent the company’s shares plunging in recent months. Snap stock bounced up as much as 15 on the layoff news in early trading, reaching 11.55.
Among the business areas the company will be pulling back from amid the cutbacks is company-funded original content. Snap will instead turn its focus to content from partners and creators. It will also shift its “minis” and games efforts into “maintenance mode,” representing a “substantially reduced investment.” It is also ditching a flying drone camera, Pixy, and trim other hardware investments, as well as winding down stand-along apps Zenly and Voisey.
The company estimates a 500 million reduction in its annualized cash cost structure as a result of the cuts. In a memo to employees,...
The dramatic cuts follow a series of grim financial reports, which sent the company’s shares plunging in recent months. Snap stock bounced up as much as 15 on the layoff news in early trading, reaching 11.55.
Among the business areas the company will be pulling back from amid the cutbacks is company-funded original content. Snap will instead turn its focus to content from partners and creators. It will also shift its “minis” and games efforts into “maintenance mode,” representing a “substantially reduced investment.” It is also ditching a flying drone camera, Pixy, and trim other hardware investments, as well as winding down stand-along apps Zenly and Voisey.
The company estimates a 500 million reduction in its annualized cash cost structure as a result of the cuts. In a memo to employees,...
- 8/31/2022
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
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 level of prioritization and investment needed to execute against our strategic priorities,” Spiegel wrote. “The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth.”
Employees impacted by the cuts will receive at least 4 months of severance, with the company telling shareholders it expects to take as much as 175 million in contract termination and impairment costs.
Spiegel also outlined a complete restructuring of the company, which will see it...
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 level of prioritization and investment needed to execute against our strategic priorities,” Spiegel wrote. “The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth.”
Employees impacted by the cuts will receive at least 4 months of severance, with the company telling shareholders it expects to take as much as 175 million in contract termination and impairment costs.
Spiegel also outlined a complete restructuring of the company, which will see it...
- 8/31/2022
- by J. Clara Chan and Alex Weprin
- The Hollywood Reporter - Movie News
Snap’s VP of hardware Mark Randall left the company earlier this month, Variety has been able to confirm. The move comes after the Snapchat parent consolidated its hardware efforts under Snap’s Svp of engineering Jerry Hunter.
Randall told employees in an internal memo two weeks ago that he planned to “focus on growing my own company.” His departure was first reported by Cheddar Tuesday.
Randall had joined Snap in 2016 as VP of operations, with a focus on the company’s Spectacles smart glasses. He was elevated to lead the company’s hardware efforts a year ago. Previously, Randall oversaw supply chain efforts at companies including Amazon and its Lab 126 hardware division, Motorola and Google.
Thus far, Snap’s hardware business hasn’t been anywhere near the level of those companies. Snap introduced its Spectacles glasses with much fanfare in 2016, but hasn’t been able to find a substantive audience for the product.
Randall told employees in an internal memo two weeks ago that he planned to “focus on growing my own company.” His departure was first reported by Cheddar Tuesday.
Randall had joined Snap in 2016 as VP of operations, with a focus on the company’s Spectacles smart glasses. He was elevated to lead the company’s hardware efforts a year ago. Previously, Randall oversaw supply chain efforts at companies including Amazon and its Lab 126 hardware division, Motorola and Google.
Thus far, Snap’s hardware business hasn’t been anywhere near the level of those companies. Snap introduced its Spectacles glasses with much fanfare in 2016, but hasn’t been able to find a substantive audience for the product.
- 7/24/2018
- by Janko Roettgers
- Variety Film + TV
Wallace Beery from Pancho Villa to Long John Silver: TCM schedule (Pt) on August 17, 2013 (photo: Fay Wray, Wallace Beery as Pancho Villa in ‘Viva Villa!’) See previous post: “Wallace Beery: Best Actor Oscar Winner — and Runner-Up.” 3:00 Am The Last Of The Mohicans (1920). Director: Maurice Tourneur. Cast: Barbara Bedford, Albert Roscoe, Wallace Beery, Lillian Hall, Henry Woodward, James Gordon, George Hackathorne, Nelson McDowell, Harry Lorraine, Theodore Lorch, Jack McDonald, Sydney Deane, Boris Karloff. Bw-76 mins. 4:30 Am The Big House (1930). Director: George W. Hill. Cast: Chester Morris, Wallace Beery, Lewis Stone, Robert Montgomery, Leila Hyams, George F. Marion, J.C. Nugent, DeWitt Jennings, Matthew Betz, Claire McDowell, Robert Emmett O’Connor, Tom Wilson, Eddie Foyer, Roscoe Ates, Fletcher Norton, Noah Beery Jr, Chris-Pin Martin, Eddie Lambert, Harry Wilson. Bw-87 mins. 6:00 Am Bad Man Of Brimstone (1937). Director: J. Walter Ruben. Cast: Wallace Beery, Virginia Bruce, Dennis O’Keefe. Bw-89 mins.
- 8/17/2013
- by Andre Soares
- Alt Film Guide
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