Snap said it will lay off 10% of its workforce worldwide, around 500 employees, to “promote in-person collaboration.”
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The firm surveyed 8,600 teens with an average age of 16 across 48 states.
A survey showed that it was right behind Facebook as a news source.
Snap declined to comment on the news. But after an initial 11 percent pop after earnings was announced, Snap shares sank to just below the closing price as the user shrinkage and Saudi investment sank in.
Tracking your phone's gyroscope, scanning your messages and giving your data to third-party companies.
Snapchat is in trouble. The stock plunged to a new all-time low, below $11 a share, after a dismal earnings report that showed stagnant user growth for the social networking app.
Snapchat is pitching the new design as having a better focus on separating friends from media which distinguishes it from competing social networks like Facebook/Instagram and Twitter.
Data on top influencers shows they’ve been posting less and less on Snapchat in the last six months.
On Friday, another one bit the dust. As Snap's shares plunged following disappointing results, it became clear that the myth that a feisty young challenger to Facebook could topple the social media giant from its perch was just that - a myth.
IPO of the company was the most anticipated arrival since Twitter in 2013
Snap, owner of messaging app Snapchat, has priced its shares at $17 ahead of Thursday's listing on the US stock market.
President Barack Obama has disclosed that his youngest daughter recently mocked him on Snapchat.
VANISHING message service Snapchat announced over the weekend it will launch a line of video-catching sunglasses, a spin on Glass eyewear abandoned by Google more than a year ago.
Twitter has now introduced 'Stickers' that users can add to their pictures to make them more fun, engaging.
UNDER fire Taylor Swift has received even more shade in the midst of her feud with Kim Kardashian — this time from the woman who ex-boyfriend Joe Jonas left her for.