Snap is known for Snapchat. The company behind the popular social media app has reported its financial results for the second quarter of 2022. While the results attracted attention, the company’s attitude towards the results was even more remarkable.
SNAP’S MONEY EARNED DID NOT SATISFIED
Snap’s results revealed a company profile that continues to increase its users and revenue at a much slower rate than before. Snap’s revenue increased from $982 million in the second quarter of the previous year to $1.11 billion. The number of users of the company increased by 15 million to 347 million.
However, the company told investors, “Our financial results for the quarter do not reflect our ambition at the same scale. We are not satisfied with the results.”
CONTINUE WITH EVAN SPIEGEL AND BOBBY MURPHY UNTIL 2026
Snap has promised to recalibrate hiring, targets and investments to reverse this situation. Additionally, Snap’s co-founders Evan Spiegel and the company’s CEO and CTO Bobby Murphy have been signed to stay with the company until the end of 2026. Spiegel and Murphy will be paid $1 per year, with no extra stock.
Snap recently announced a subscription system called Snapchat+ (Snapchat Plus) to increase its revenue sources.