Marking its second round of layoffs in the last month, Snap is saying goodbye to about 100 advertising and sales people. For Snap, the personnel cuts are part of a broader effort to tighten up operations and lose less money.
“Late last year, we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions,” Imran Khan, Chief Strategy Officer at Snap, stated.
The social messaging giant is on track to lose somewhere between $687 million and $912 million this year, while analysts don't expect it to achieve profitability until the next decade.
With Facebook under intense scrutiny over its privacy practices, Snap could perhaps make up some market share. Of course, the company must be careful not to walk into the same dilemma currently facing its arch nemesis.
Continuing to test user-privacy limits, Snap just launched some new ad-targeting features.
With a new “radius” targeting option, brand partners can target Snap Ads and Filters around a specific point -- such as a particular retail store or restaurant. At present, brands can’t target groups smaller than 1,000, while radius options range from .63 to 62 miles.
In addition, new location categories allow advertisers to reach audiences based on the type of location they presently occupy.