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Slowed Snapchat parent earnings send shares off a cliff

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Snapchat founder and CEO Evan Spiegel says that growing ranks of users holds promise for the future as the photo-centric messaging service strives to ride out a time of belt-tightening by online advertisers.

Snapchat founder and CEO Evan Spiegel says that growing ranks of users holds promise for the future as the photo-centric messaging service strives to ride out a time of belt-tightening by online advertisers. – Copyright AFP/File Jack TAYLOR

Shares in Snapchat’s parent company plunged more than 26 percent on Thursday on a quarterly earnings report that showed revenue was slowing as online advertisers tighten budgets.

In what could be a harbinger of pain to come for other tech firms like Google and Meta that rely on digital ads to make their money, Snap said that revenue in the recently ended quarter grew just 6 percent to $1.13 billion when compared to the same period the previous year.

Snap reported that it lost $360 million in the quarter, compared with a $72 million loss in the third quarter of last year.

That came despite the number of daily users climbing 19 percent to 363 million in the same year-over-year comparison, Snap reported. Snap shares were down some 26 percent to $7.97 in after-market trades.

Snap chief executive Evan Spiegel said in the earnings report that the user growth “expands our long-term opportunity as we navigate this volatile macroeconomic environment.”

The loss in the recently ended quarter included $155 million in restructuring charges.

Snap in August confirmed a plan to cut 20 percent of staff, as the photo-centric messaging app worked to dig itself out amid competition and revenue woes.

A hit with young internet users in its early days, Snapchat has remained a small player in the social networking space as competition from other apps, such as TikTok, has grown ever more intense.

“We must now face the consequences of our lower revenue growth and adapt to the market environment,” Spiegel said in a note when announcing the decision “to reduce the size of our team by approximately 20 percent.”

Like other social networks, Snap has taken a hit as advertisers have tightened their belts, as well as from new privacy changes by Apple that have bitten into firms’ sales of costly but highly targeted ads.

“This quarter we took action to further focus our business on our three strategic priorities: growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth, and investing in augmented reality,” Spiegel said.

Snap also announced that its board of directors has authorized the buyback of as much as $500 million worth of the Southern California-based internet firm’s shares.

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4 new social media features you need to know about this week

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New social media features to know this week


Social media never stands still. Every week there are new features — and it’s hard for the busy comms pro to stay up-to-date on it all.

We’ve got you covered.

Here’s what you need to know about this week.

LinkedIn

Social media sleuth Matt Navarra reported on Twitter that LinkedIn will soon make the newsletters you subscribe to through the site visible to other users.

This should aid newsletter discovery by adding in an element of social proof: if it’s good enough for this person I like and respect, it’s good enough for me. It also might be anopportunity to get your toe in the water with LinkedIn’s newsletter features.

Instagram

After admitting they went a little crazy on Reels and ignored their bread and butter of photographs, Instagram continues to refine its platform and algorithm. Although there were big changes over the last few weeks, these newer changes are subtler but still significant.

 

 

First, the animated avatars will be more prominent on profiles. Users can now choose to flip between the cartoony, waving avatar and their more traditional profile picture, rather than picking one or the other, TechCrunch reported, seemingly part of a push to incorporate metaverse-esque elements into the app.

Instagram also appears to have added an option to include a lead form on business profiles. We say “appears” because, as Social Media Today reports, the feature is not yet listed as an official feature, though it has rolled out broadly.

The feature will allow businesses to use standard forms or customize their own, including multiple choice questions or short answer.

Twitter

In the chaotic world of Twitter updates, this week is fairly staid — with a useful feature for advertisers.

The platform will roll out the ability to promote tweets among search results. As Twitter’s announcement points out, someone actively searching for a term could signal stronger intent than someone merely passively scrolling a feed.

Which of these new features are you most interested in? That LinkedIn newsletter tool could be great for spreading the word — and for discovering new reads.

Allison Carter is executive editor of PR Daily. Follow her on Twitter or LinkedIn.

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Twitter Tests Expanded Emoji Reaction Options in DMs

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Twitter Tests Expanded Emoji Reaction Options in DMs

Twitter’s looking to give users a broader set of emoji reactions for their DMs, while also, potentially, enabling personalization of your quick reactions display in the app.

As you can see in these mock-ups, shared by Twitter designer Andrea Conway, Twitter’s testing a new search option within the reaction pop-up in DMs which would enable you to use any other emoji as a reaction to a message.

An extension of this would also be the capacity to update the reactions that are immediately displayed to whatever you choose.

Twitter DM reactions

It’s not a game-changer by any means, but it could provide more ways to interact via DMs, and with more interactions switching to messaging, and more private exchanges, it could be a way for Twitter to better lean into this trend, and facilitate a broader array of response options in-stream.

Twitter’s working on a range of updates as it looks to drive more engagement and usage, including tweet view counts, updated Bookmarks, a new ‘For You’ algorithm, and more. Elon Musk has said that he can envision Twitter reaching a billion users per month by next year, but for that to happen, the platform needs to update its systems to show people more of what they like, and keep them coming back – which is what all of these smaller updates, ideally, build to in a broader approach.

But that’s a pretty steep hill to climb.

Last week, Twitter reported that it’s now up to 253 million daily active users, an increase on the 238 million that it reported in July last year. Daily and monthly active usage is not directly comparable, of course, but when Twitter was reporting monthly actives, its peak was around 330 million, back in 2019.

Twitter MAU chart

As noted in the chart, Twitter switched from reporting monthly active users to daily actives in 2019, but looking at the two measurements, it’s hard to imagine that Twitter’s monthly active usage is any more than 100m over its current DAU stats.

That means that Twitter has likely never reached more than 350 million active users – yet Musk believes that he can best that by close to 200% in a matter of months.

Seems unlikely – even at current growth rates since Musk took over at the app, Twitter would only be looking at around 500 million users, optimistically, by the end of 2024.

If it can maintain that. More recent insight from Twitter has suggested that user activity has declined since those early post-Musk purchase highs – but maybe, through a range of updates and tweaks, there could be a way for Musk and Co. to maximize usage growth, beyond what seems possible, based on the stats.

We’ll find out, and as it pushes for that next level, you can expect to see more updates and tweaks like this, with enhanced engagement in mind.  



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Tarte Influencer Marketing Criticized 01/31/2023

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Tarte Influencer Marketing Criticized 01/31/2023

With consumers obsessed over the price of a dozen eggs, could conspicuous consumption-driven influencer marketing falling out of favor? That is the question brands might be considering after the
backlash that cosmetics brand Tarte is receiving after a sponsored trip to Dubai. “Influencers were called out for appearing not …

Read the whole story at Marketing Brew »



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