Snap CEO Evan Spiegel is aiming to reach a goal of full-year profitability in 2019, according to a memo seen by news service Cheddar. Although Spiegel recognised that the recent redesign of the Snapchat app had been “rushed”, he said the company would be revamping its marketing strategy with a view to attracting older users, growing its active advertiser base and luring more subscribers in emerging countries. “In our excitement to innovate and bring many new products into the world, we have lost the core of what made Snapchat the fastest way to communicate,” said Spiegel in the memo.
The company’s “stretch goal” is to break even in the fourth quarter of 2018 before achieving full year profitability in 2019, added the CEO. The memo was released after daily active users of Snapchat fell for the first time to 188 million in the second quarter from 191 million a year earlier.
