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Snap CEO Evan Spiegel announced that the company is testing a simplified Snapchat version to enhance usability and performance amid a 44% stock drop and tough competition.
The update was detailed in a letter titled “13 Years at Snap Inc.,” published on September 3 on the company’s website.
The new “simplified” version of Snapchat is designed to streamline the interface, making it easier for a broader audience. Spiegel also noted that this simplified version is expected to improve app performance and reduce load times. While initial tests have been promising, he emphasized that Snap will proceed cautiously with these changes.
In his letter, Spiegel attributed Snap’s share price decline to slower ad growth compared to rivals. Despite a 44% stock drop this year, he highlighted record revenue expectations and commitment to augmented reality with new ad formats, smart glasses, and AI investments.
The new update could help Snap better compete with Meta Platforms Inc.’s Instagram and ByteDance Ltd.’s TikTok, which have larger advertising businesses and broader young user bases.
Meta’s stock has increased by 45% this year, highlighting Snap’s competitive challenge.
It’s worth noting that previous redesigns, such as the 2018 Snapchat overhaul, had mixed results. The redesign, aimed at improving navigation, particularly for older users, faced significant backlash, including a 1.2 million-signature petition. This led to a decline in ad views and revenue, prompting Snap to reverse some changes by mid-2018.
