“As a result, total adjusted operating expenses are down 8% year-over-year, while headcount decreased approximately 20% from our peak headcount in mid-Q3 of 2022.Katie is a style and beauty reviews fellow for the Insider Reviews team, with a focus on buying guides. “We have further scrutinized our operating costs in order to invest incrementally only where it is necessary to achieve our strategic priorities and, in particular, to drive topline revenue acceleration,” he wrote in the letter. Spiegel seemed particularly attuned to the need to turn the business around, highlighting the company’s reorganization last year and the focus on rebuilding its advertising business. Third, cultivating new sources of revenue to diversify our topline growth to build a more resilient business,” Snap CEO Evan Spiegel wrote in the company’s investor letter. Second, investing heavily in our direct-response business to deliver measurable return on spend for our advertising partners.
“To return to a higher rate of revenue growth, we are focused on three key priorities: First, investing in our products to sustain community growth and deepen engagement. In their investor letter, the executives outlined their strategy to return to growth. So it is a big shift for us to begin providing formal guidance again and I think that does reflect an increased confidence in the trajectory of our business,” he said. “I know that we’ve not provided formal guidance since the very beginning of 2022. It was the first time that the company gave guidance in over a year, Snap CFO Derek Andersen said on the company’s earnings call. “From a revenue perspective, our business remains in a period of rapid transition as we work to improve our advertising platform, while forward visibility of advertising demand remains limited,” the company said in its Q3 guidance, adding that its expects revenue growth to be down 5 percent to flat, year-over-year.
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