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Snap to focus on growing ads business, augmented reality amid poor stock performance

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Snap will concentrate on expanding and diversifying its underperforming advertising business with a focus on augmented reality, CEO Evan Spiegel informed employees in a note on Tuesday.

FILE PHOTO: A keyboard is placed in front of a displayed Snapchat logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

"You may be wondering why, with all of the progress we've made in our business over the last year, our share price performance has lagged the overall market. The answer is simple: our advertising business is growing slower than our competitors," Spiegel said in the note.

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