Spiegel will stay another four years to help turn things around.
Snap knows it can do better. The company reported earnings results for the second quarter of 2022 this afternoon, and the numbers show a company that’s continuing to grow its users and revenue — but at a much slower rate than it used to.
. To turn things around, Snap is promising to “recalibrate” its hiring, goals, and investments. And, in a splashier move, the company said it had signed Snap co-founders Evan Spiegel and Bobby Murphy, the company’s CEO and CTO, to stick around for another four years, through the end of 2026.Spiegel and Murphy will be paid $1 per year with no additional equity.
The problem for Snap is that it’s simultaneously dealing with a shaky economic environment and the fallout of an advertising market that was upended by Apple last year when the company dramatically limited the type of user tracking that advertisers had long relied on. “Platform policy changes have upended more than a decade of advertising industry standards,” Snap writes.
Even with all of this, Snap warns investors not to expect immediate improvements. It isn’t providing guidance for Q3 and says existing revenue is flat year over year.
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