“We believe most people will spend time in the real world,” Spiegel said.In a presentation slide for investors accompanying the announcement, Snap said it would be “narrowing” its investment in AR glasses, which overlay digital images on what a wearer sees. Having jettisoned businesses like original content and a flying drone, the company plans to put a greater focus on improving its AI-driven, direct-response advertising products, among other back-to-basics initiatives. But I think so far, and I believe that the best way to realize our long-term potential is by building an independent company.” That’s the difficulty of building an independent business. They faced a lot of volatility and many challenges. “They were asked many of the same questions about competition, they were asked many of the same questions about revenue growth. “These other very large companies started as small companies too,” the CEO pointed out. While the recovery process “is going to be difficult” because Snap is “smaller than these other very, very large companies,” Spiegel insisted that an easier exit via a takeover is not in the plans. Kara Swisher, the co-founder of Recode who is wrapping up a 20-year run presiding over the conference, was joined onstage by author and NYU professor Scott Galloway in quizzing Spiegel.

“Looking forward at the macroeconomy, we don’t see a lot of things that make us optimistic,” he said. Building back the company’s market cap from the current level of $19 billion will be a daunting process, Spiegel conceded. After a poor quarterly financial report, the company’s shares plunged over the summer, extending a slump in 2022 that has slashed two-thirds of its valuation. Snap announced the elimination of 20% of its workforce last week, along with a range of drastic cost-cutting measures. Snap Rolls Out New Features For Brands Including First Video Ad Between Friend Stories

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