Khan Exits Snap, Revenue Up

Adding to a growing list high of high-level departures, Snap is losing its Chief Strategy Officer, Imran Khan.

In an SEC filing, Snap said that Khan gave notice on September 6.

“Imran Khan … notified us that he will leave Snap to pursue other opportunities,” according to the filing. “Khan will continue to serve as Chief Strategy Officer for an interim period to assist with an effective transition of his duties and responsibilities.”

Snap was also careful to point out that Khan “confirmed this transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, or practices (financial or otherwise).”

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Khan, who has served as Snap’s Chief Strategy Officer since 2014, is reportedly planning to hatch an investment fund of his own.

For Snap, Khan is just the latest executive to walk away. Drew Vollero stepped down as Snap’s CFO earlier this year, as well as its vice president, product, Tom Conrad, the head of its Spectacles division, Mark Randall, and its global head of sales, Jeff Lucas.

For his part, Khan suggested that Snap has plenty of executive talent left to success.

“We have a stellar leadership team in place to guide Snap through the next chapter,” he stated.

Beating analysts’ expectations, Snap recently reported second-quarter revenue of $262 million, which was up 44% year-over-year.

Also working in the company’s favor, Snap said average revenue per user increased 34%, year-over-year -- from $1.05 in second-quarter 2017 to $1.40 in second-quarter 2018.

Analysts attributed Snap’s strong quarterly financial performance to its continued shift to programmatic advertising.

On the not-so-bright side, Snap saw daily active users actually declined during the second quarter of the year. From the first quarter of the year to the second, the company’s DAUs slipped by about 2% from 191 million to 188 million.

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