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.
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.
Kylie Jenner is not happy about Snapchat's new redesign.
Revenue: $285.7 million versus $252.9 million estimated, according to a Thomson Reuters consensus estimate
Earnings: Loss of 13 cents a share vs. 16 cents per share estimated, according to a Thomson Reuters consensus estimate
What happened next happened fast.
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.
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.
Messaging app firm Snapchat has announced its first gadget - sunglasses with a built-in camera.