They released a horrendous UI redesign and user count has been dropping for two quarters in a row now. IG's Stories feature (basically a snapchat clone) has 2x the active users of Snap and IG as a whole has over 5x the active users, and they are still growing while Snap is shrinking.
They've been operating for over 7 years and have yet to turn a single quarterly profit. With negative growth the past two quarters it's looking increasingly unlikely they'll ever be profitable.
In those cases, the news were backed by the reporter asking all of their friends, who all said FB/Apple/etc are so uncool now.
In Snap’s case, the news is backed by quarterly results and actual facts.
It’s going down for good reasons.
What bizarre comparisons! Apple has always sold sought-after physical products for profit. FB for all its crime makes incredible income through paid advertising. Snap is a dot-com gusher bleeding red ink.
Re:Snap CFO Tim Stone Is Resigning
by eeeeeeeeeeeee on Wednesday January 16, 2019 @10:39AM
(#18921716)
The company seems near dead and still headed in the wrong direction. Every feature they have can be replicated by others, as shown by Instagram. Or there is no reason some new upstart for younger people can not replicate it.
Snapchat seems obsessed with those snap glasses too. They were a failure on the first release and they still seem to be pushing it to this day as a big part of their strategy. I don’t think consumers are ready to commit to a wearable like that, at least not yet.
Maybe this is the time to buy low and make it big (when everyone is doubting them). It'll be interesting to see.