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As part of its Q1 2024 earning sack , Snap revealed that total spotter time on its TikTok competitor , Spotlight , increased more than 125 % yr - over - year . Snapchat launched the TikTok - likefeed in later 2020as a way to compete with the rising popularity of TikTok . The company is bluster the success of its short - from picture feed a Clarence Shepard Day Jr. after President Bidensigned a billthat would ban TikTok if its Chinese parent company , ByteDance , fails to sell it within a year .
Snap say overall time spent catch content globally grow twelvemonth - over - yr , driven primarily by increases in entire meter spent watching Spotlight and creator Stories . The caller sound out it has work up more sophisticated range models over the retiring yr that are driving improvements in content engagement .
During its call with analysts , CEO Evan Spiegel note that Snap draw a bead on to surface more topical content going forward .
“ I think there ’s study to be done to make our content experience sense more timely and topical , and then we ’re spending a batch of focal point on the creator journeying overall , ” he said .
“ That journeying from using Snapchat to communicate with 100 ally to grow a following of 1000000 . And really making certain that people are creating great account or gravid Spotlight content can be discovered and then grow that following and at last work up a business over time . ”
Snap plans to continue to invest in generative AI models for the creation of Lenses on the platform , observe that the identification number of ML and AI Lenses viewed by users increase by more than 50 % year - over - yr .
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The company ’s revenue for the fourth part increased 21 % to $ 1.195 million , nock a recurrence to double - digit increment . In itsletter to investors , Snap attributes the growth to improvements that it made to its advertising platform , along with an increase in need for its direct - reaction ( DR ) advertising solutions . The company say the number of lowly and average - sized advertizer on Snapchat increased 85 % year - over - twelvemonth .
Snap parcel rose more than 26 % in extended trading on Thursday .
The company , which lay off10 % of its workforcein February , now says it expect headcount to “ grow modestly as we move through 2024 . ”
Snap ’s net profit tone ending comes a day after Meta reported 27 % outgrowth for its first after part . However , Meta ’s plowshare plungedon decrepit gross guidanceand plans to commit “ sharply ” in AI .
