Snap’s business has been on life support for a while now, with Apple’s ad tracking changes on iOS, competition from TikTok, and a combination of other factors leading to a collapse in its revenue growth. That said, all is not lost: based on the third quarter earnings results that Snap announced on Tuesday, its ads business appears to finally be on the upswing. Total revenue grew to nearly $1.2 billion, an increase of 5 percent from the same time last year.
Jerry Hunter, who was named chief operating officer just over a year ago, is retiring and not being replaced, according to the company. CEO Evan Spiegel will directly oversee the top business leaders for Snap’s three biggest regions for the foreseeable future. Additionally, Jack Brody, the VP of product who reported to Spiegel, is leaving and being replaced by Ceci Mourkogiannis, who currently manages the design team.