Snap CEO Evan Spiegel said Snapchat's Android app redesign and a new self-service ad platform boosted the company's stock performance.
Key PointsSnap CEO Evan Spiegel credited two big changes inside the company for the turnaround, including a new self-serve ad model and a redesign of the Android app.
Evan Spiegel, co-founder and chief executive officer of Snap Inc., speaks during the New Work Summit in Half Moon Bay, California, U.S., on Monday, Feb. 25, 2019.'s stock has been on a tear this year, and CEO Evan Spiegel credits two big changes inside the company for the turnaround., Spiegel said Snap's adoption of a self-serve ad platform, as well as a redesign of its Android app, which was initially poorly received, have helped it turned a corner.
"You're seeing a lot of investments we made — some of which were quite controversial — start paying off," Spiegel said in the interview.after a rough ride in the public markets in the two years since its IPO in 2017. The stock is up more than 175% this year, representing a significant turnaround since it posted its lowest close of $4.99 on Dec. 21, 2018.
The company initially faced broad backlash from users around the redesign, which separated content from close friends and brands into two different sections of the app. At one point, Spiegel wasSpiegel said the redesigned Snapchat app has started to "pay off," while the transition to a, which makes it easier for brands to buy ads on the platform, has expanded Snap's ability to sell ads, he said.
"I think that's another example of one of those big bets that was challenging to make at the time starting to pay off," Spiegel added.
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