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Snap ’s stock plunged30 % on Tuesday after announcing Q4 2023 resultsthat did n’t play psychoanalyst outlook . On the earnings call , CEO Evan Spiegel sound out the company is taking a few steps this year to fuel growth . These include unifying experience across Stories and Spotlight , improving ad interaction across platforms and increasing engagement and user emergence in North America and Europe .
The social meshwork launchedits TikTok - rival Spotlight over three eld agoand it has seen bright results . full time expend watching Spotlight increase 175 % year - on - year and average monthly dynamic users originate 35 % year - on - year , according tothe company ’s Q4 2023 wage release .
Spiegel said that the society want to leverage things like outrank mechanisms and recommendation engine from Spotlight and interface to Stories for undecomposed engagement . The companionship want to start with conflate the port and piloting gap between these two segment , but it is aware that changes in core merchandise offerings like these can backfire .
“ Anytime you ’re asking people to change their behaviour , that can be difficult . That ’s why we ’re really attempt to be thoughtful about it . I think one of the most frustrating thing from a user experience perspective is that the UI and pilotage for Spotlight is dissimilar than the UI and sailing for Stories , ” Spiegel enjoin in a call with analyst .
“ The initial steps here are really trying to unify the UI and then unite the sailing and verify there are n’t any , you love , negatively charged secondary impact on various parts of our line . ”
It’s all about money
Snap ’s effort to flux Stories and Spotlight experience also have to do with the fact that the societal connection is trying to offer better incentives to advertisers . During the lucre call , Spiegel boasted about the fact that Spotlight has about 99 % sword - safe content , according to a third - political party audited account appraisal .
“ I recollect one of the really unequalled thing about Snapchat is that advertizer can get a brand - safe experience without make up a premium for it like they have to do on other platform to avoid harmful depicted object , ” he notice .
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“ I do believe we ’ll be able to retain to extend those benefit to advertiser in this unify experience , and our very high levels of trade name guard , I think , are a real differentiator for us . ”
The company also said that it plans to deploy insight from My AI usage to more “ relevant and occupy ad ” to user .
Additionally , Spiegel said that the company focus on evolving the Android app for the past few years to get increment in emerge securities industry . However , now it is ready to rage up development on the iOS front to attract more engagement from more “ monetizable ” regions such as North America and Europe .
The company has also started take cost - write out measures already . Earlier this calendar month , the company laid off 10 % of the workforce ( affect more than 500 people ) to shorten “ a number of layers of management . ”
“ for best position our commercial enterprise to execute on our high priorities , and to ensure we have the mental ability to endue incrementally to support our growth over time , we have made the unmanageable decision to reconstitute our team , ” the company said inan SEC filing .
