Snap’s Meta Move: Swiping Ad Gurus to Revitalize Its Ad Strategy – Snap (NYSE:SNAP)

  • Snap Inc SNAP roped in two former Meta Platforms, Inc META employees to expand its advertising business.
  • Snap appointed Patrick Harris to the new role of senior vice president of partnerships to drive personalized use of the company’s technology. Harris will report to COO Jerry Hunter, Bloomberg reports.
  • Snap named David Sommer as Head of Verticals, responsible for working with consumer packaged goods companies to use Snap’s tools. 
  • Read: What’s Not Working for Mark Zuckerberg’s Meta? Employee Morale, Metaverse and TikTok Struggles Tilt Scales
  • Sommer most recently served as a chief commercial officer at Fetch, a shopping rewards technology company, after 11 years at Meta.
  • Snap struggled to jump-start its advertising business after a slowdown in marketer spending and changes to Apple Inc’s AAPL privacy policies made digital ads less effective. 
  • Snap also turned to additional revenue opportunities, like selling augmented reality software for retailers on their websites.
  • Last week Snap reported weaker-than-expected sales results for its first quarter. Analysts cut its price target after the company reported earnings of one cent per share, which came ahead of the 1 cent loss estimate, on revenues of $988.6 million, which missed the $1.01 billion consensus estimate.
  • Price Action: SNAP shares traded lower by 1.38% at $8.59 on the last check Monday.
  • Photo by thought caalog via Unsplash

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