It takes courage to say you were wrong about almost everything. But that’s what Snap Inc CEO Evan Spiegel did this week, and that’s what it will take to save Snapchat.
From algorithmic feeds to partnerships to target markets to recruiting adults, Snap is planning a 180-degree turn across the board.
Headwinds And Face Wins
It’s warranted. The Q3 earnings report was a blood bath with Snap’s share price down 18 percent. User growth slowed to a 2.9 percent crawl. Revenue fell $30 million short. $40 million of Spectacles sit unsold. The company lost another $443 million. And the head of engineering just bailed.
On the outside, Snapchat Stories clones WhatsApp Status and Instagram Stories now have 300 million daily users each. Snap’s whole app has just 178…