Snap Inc. to boost ad biz amidst competition from Meta and TikTok

Delhi: Snap Inc. will double down on growing its struggling advertising business by leaning into augmented reality, Chief Executive Evan Spiegel told employees. 

That is because Snap is under intense pressure from Meta and TikTok for ad dollars. 

Though Snap has made strides in other parts of its business, its ad growth is behind its peers, and its stock has suffered. 

The company recently cut its revenue estimate for 2024 to $5.34 billion because advertisers are pulling back on spending.

To find solutions for these challenges, Snap hopes to bring in new ad placements using machine learning and further develop AR technologies, including smart glasses.