Snap Inc. (NYSE:SNAP) will focus on enhancing its advertising business and augmented reality offerings, CEO Evan Spiegel told employees on Tuesday. What Happened: The announcement comes as Snap faces stiff competition from major social media platforms like Mark Zuckerberg‘s Meta Platforms Inc. (NASDAQ:META) and Bytedance’s TikTok for ad revenue. Spiegel noted that despite progress, Snap’s ad business is growing slower than its competitors, Reuters reported. In early August, Snap provided a weak forecast for the current quarter, attributing it to a decline in advertising spend. The company is n…
