After 2 quarters of losing consumers, the losses by Snap appear to have evened out The firm claims that it has the same amount of daily active consumers all over the world as it did previous quarter at 186 Million. That is still less than the 191 Million it had last year at this same time, but recommends that the platform’s consumer base might have become stable.
Beyond the stabilized consumer base, Snap clocked a new record for quarterly income at $390 Million, which brings its annual total to over $1.1 Billion. The firm still is not profitable, but Evan Spiegel (company CEO) claims that investment has leveled out. The earnings report shows a great cap to a depressed year for the firm. Spiegel lost various top officials last year, comprising his chief strategy officer, head of finance, president of hardware, and head of sales, but he claims that they are hiring and are eager about the new skill set.
On a related note, Snap earlier fired two of its senior officials in the recent times. As per a report, the social media company discovered out after a probe that one of the officials allegedly had an unsuitable relationship with a contract employee. The other official was not involved directly in the incident but had appointed the person supposedly comprised in sexual misbehavior. As per one more report, the 3rd-party consulting company, where the contract employee was working, was given a sizable amount of cash by the Snap official on the behalf of the firm.
The media is stating that an outside probe discovered that Francis Racioppi, head of global security at Snap, dismissed the contractor after their relationship concluded. The media attributed the news to unidentified individuals well aware of the subject. Racioppi and Jason Halbert, his superior and chief of human resources, were fired from the firm after the probe. Racioppi used to work at Snap below Halbert.