Snapchat to focus on advertising business as stock drops around 48 per cent

Snapchat will focus on expanding and diversifying its underperforming advertising business, focusing on augmented reality, Reuters reported on Wednesday.

Reuters reported that Snapchat CEO Evan Spiegel made the announcement amid a challenging time. The company competes with major social media players such as Instagram, its parent company Meta Platforms and Bytedance’s TikTok for advertising revenue.