Snap shares plunge on weak revenue as company again declines to provide a forecast
Snap's stock plummeted 81% last year as the Nasdaq had its worst year since 2008. The stock has recouped some of its losses, rising 29% in January, along with a broader rally in tech.
Snap said it's refocusing investments to concentrate on growing its community and engagement, accelerating and diversifying its sales growth and developing augmented reality technologies. The company said its Snapchat+ service now has over 2 million paying subscribers as of the fourth quarter. Snapits subscription service last summer, pitching it as a way for users to access pre-release and exclusive features for $3.99 a month.
As executives told analysts several times last year, the company's online ad platform was built to be easy to use and to enable brands to quickly launch campaigns. But its simplicity also meant that companies could quickly pause campaigns, severely impacting Snap's finances.in August it would lay off 20% of its workforce of over 6,000 employees. The company also shelved several projects during the year, including its photo-taking drone and Snap Originals premium shows.
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