Snap Inc, the parent of Snapchat messaging, said on Monday Chief Strategy Officer Imran Khan will step down, the latest top-level exit amid pressure to stem user declines following a controversial redesign of the app.
The funding will help the London-based start-up hire at least 50 more people this year and open offices in Hong Kong and New York. It comes after four years of strong growth, with sales doubling every year.
Snap Inc on Tuesday received a vote of confidence from a billionaire investor and reported record revenue from outside North America, factors that helped soften the blow of its first-ever drop in daily users.
The Facebook-owned social network launched a mobile app on Wednesday dedicated to user-generated videos up to an hour long, upping the competition for consumers’ time among ad-supported streaming services like YouTube.
Ralph Lauren Corp topped analysts’ forecasts for profit and sales for at least the eighth consecutive quarter on Wednesday, as an early Easter added to a turnaround driven by tougher pricing and cost cuts.
Snapchat-owner Snap Inc said Tim Stone, an Amazon.com Inc veteran who had led the integration of the online retailer’s $13.7-billion Whole Foods acquisition, would replace Andrew Vollero as chief financial officer.
Snap Inc fell short of Wall Street forecasts for revenue and regular users on Tuesday after a redesign of its Snapchat messaging app turned off some long-time fans and advertisers, sending its shares tumbling 16 percent.
Amazon.com Inc’s expanding business of selling space on its site to merchants helped it double profits on Thursday, and some see the move as a step towards taking advertising dollars from Google and Facebook Inc.