Snap grows its daily user base and keeps advertiser money coming in, even during the pandemic

Illustration by Alex Castro / The Verge The pandemic hasn’t been too terrible for Snap. The company behind Snapchat announced its second quarter earnings today, detailing how its business has fared during the COVID-19 outbreak around the world. Its user base is up by 9 million people daily over last quarter, and its revenue is up 17 percent year over year, at $454 million. Snap is positioning the growth as a win, especially given that advertiser budgets are shrinking amid a global economic downturn.
“The economic environment has become challenging for many of our advertising partners and this has had an impact on the rate of growth in our business,” says Derek Andersen, Snap CFO, in prepared remarks. The pandemic took an obvious hit on the company’s business. Year-over-year…
Continue reading…

Snap is conducting an investigation after reports of discrimination

Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images Snap has launched an investigation into accusations of racism and sexism within the company, anonymous sources have told Business Insider.
Per the sources, the independent firm (Seattle-based Williams Kastner) have contacted both current and former staff. The investigation appears to concern stories that ex-employees recounted in a June 9th Mashablearticle about their experiences working for Snap between 2015 and 2018.
Multiple sources told Mashable that they experienced a racist culture during their time at the company, and that leadership disparaged Black representation in media. One employee said they were asked to replace a lead image of Black performers with a “friendlier face.” The same manager told another employee that a story…
Continue reading…