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Snap breaks into ‘startup squads’ as ad revenue stalls
CEO Evan Spiegel just announced the company is restructuring around small "startup squads" of 10 to 15 people to regain agility against larger competitors.
Advertising revenue growth flatlined at 4% in the second quarter, and North American daily active users declined 2% to 98 million, a troubling sign in Snap’s most important market. Spiegel acknowledges the current stock price “reflects doubt” but writes that there’s “startup-style return potential” at Snap’s roughly $12 billion valuation. Left unsaid: that number is down 90% from September 2021, when Snap’s market cap topped $116 billion during the height of social media mania.
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