Earlier this year, Snapchat owner Snap Inc. saw its stock plummet after a brutal first-quarter report that saw it come in over $US13 million ($18 million) short of $US244 million ($330 million) earnings expectations. Spoiler alert: The pain is not stopping.
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Snap's stock price is now hovering around its lowest point ever since the company went public last year. Yet, its whiz-kid founder, Evan Spiegel, was 2017's highest-paid CEO, taking home $US504 ($670) million. And according to a new report, Spiegel is almost single-handedly responsible for Snapchat's biggest mistake.
Snapchat, which desperately needs to attract more users as its parent company Snap finds itself swirling the drain just eight months post-IPO (it's screwed), announced in an earnings report earlier this week it is planning a major redesign in an attempt to attract a new demographic (the olds). According to Business Insider, the launch date for Snap's last-ditch gamble is pretty soon: December 4.
This is kind of a sad story. In November, Snap Inc blew everybody's mind by releasing a surprisingly interesting piece of hardware. The camera-equipped sunglasses called Spectacles worked with Snapchat and looked cool. But a year later, the company reportedly has "hundreds of thousands" of unsold Spectacles sitting in warehouses in China. It's unclear if any of them will ever see the light of day.