Snapchat's owner plans to"substantially" slow recruitment after bleak results wiped 25% off the stock price of the tech firm, which is facing difficulties on several fronts.
"We are not satisfied with the results we are delivering, regardless of the current headwinds," California-based Snap said in a letter to investors. The number of people using Snapchat daily grew 18% to 347 million from the same quarter a year ago, Snap reported. Snap in February reported its first quarterly profit, but two months later warned that it saw the economic outlook as having darkened considerably.
Apple rocked the digital advertising landscape by tightening privacy controls in the software powering its iPhones, letting users curb the tracking data used to target ads. Snap a while back recast itself as a"camera company," fielding offerings such as picture-taking glasses called Spectacles.
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