Advertisers want Snap to give them more attention and they’re betting on two new hires for help.
Snap announced on Wednesday that it would replace outgoing chief strategy officer Imran Khan with two positions. Jeremi Gorman is joining Snap as chief business officer from Amazon and will oversee “global business solutions, global online sales, customer operations, and business marketing,” according to a memo CEO Evan Spiegel sent to employees. Jared Grusd, formerly CEO of The Huffington Post, is also joining as chief strategy officer.
The new hire announcement came a day before Snap’s third-quarter earnings. The company reported 186 million daily active users, which is up 5% year-over-year but down 1% from 188 million during the second quarter. The decline in users primarily came from Android users, Spiegel said.
Snap warned investors that daily active users would decline into the fourth quarter as well.
Snap’s revenue hit $US297.7 million during the third quarter, up from analysts’ expectation of $US283.36 million.
Click here to read more about advertisers’ reactions to Snap’s hires.
In other news:
NBCUniversal’s CEO warns that a new revenue source for TV is already ‘starting to plateau.’ The mood around digital TV packages (vMVPDs) is starting to turn sour because of flagging growth and bad margins.
Elsewhere at NBC, the future of Megyn Kelly’s show is in jeopardy but has been a ratings nightmare before she defended blackface. “Megyn Kelly Today” averaged 2.4 million viewers a day in its first year.
Google’s Q3 revenue was just shy of Wall Street but investors are showing no mercy. Revenue increased 22% in the third quarter driven by healthy performance in its mobile search business, but the stock took a dive in after hours trading.
Amazon’s stock falls 9%, as disappointing revenue, guidance seem to outweigh standout Q3 earnings. The company’s revenue for the period was lower than expected, and it offered a disappointing revenue forecast for the fourth quarter.
Conflicting priorities might be hitting AT&T’s bottom line, and the company’s strategy ‘is fraught with peril at every level.’ AT&T’s entertainment business took the biggest hit in third-quarter earnings.
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