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Social media platform <keyword id="6358096" type="General" weightage="100" keywordseo="snapchat" source="Orion">Snapchat</keyword> is growing faster than Facebook and Twitter and in its latest quarterly report, the platform said it grew its daily active users (DAUs) 18 per cent to 332 million (year-on-year). While Facebook (now <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>) had reported its first loss in the number of DAUs last quarter, Twitter's monetizable DAUs grew only by 2 per cent in the US and 15 per cent globally. Snap (parent company of Snapchat) grew its revenue 38 per cent year-over-year to reach $1.06 billion for the quarter that ended March 31, 2022. "Our first quarter results reflect the underlying momentum in our business through a challenging operating environment," said <keyword id="1659524" type="General" weightage="50" keywordseo="evan-spiegel" source="Orion">Evan Spiegel</keyword>, CEO. "We remain focused on providing value for our growing community, delivering ROI for our advertising partners, and investing against our enormous opportunity in augmented reality," he said in a statement late on Thursday. The company said it was set to gain 44 per cent growth since Q1 2021. However, the Russian invasion of Ukraine has hit its advertising revenues. "We believe the impact of the war in Ukraine on input costs, marketing budgets and overall economic competence has been significant, and that it is difficult to predict its impact on a forward-looking basis," Snap CFO <keyword id="7906876" type="General" weightage="50" keywordseo="derek-andersen" source="Orion">Derek Andersen</keyword> said during the earning's call. The company said that over 250 million Snapchatters engaged with Augmented Reality (AR) every day on average. "Total daily time spent by Snapchatters aged 25 and older engaging with shows and publisher content increased by more than 25 per cent year-over-year," it added. "We observed a 350 per cent increase in the number of Spotlight submissions using creative tools or <keyword id="86373" type="General" weightage="50" keywordseo="lenses" source="Orion">Lenses</keyword> compared with Q1 2021," the company informed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/opinion-why-nbfcs-remain-key-to-closing-the-msme-credit-gap/articleshow/90982403.cms">OPINION: Why NBFCs remain key to closing the MSME credit gap</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/government-to-take-action-against-defaulting-ev-firms-in-e-scooter-fire-accidents-says-nitin-gadkari/articleshow/90984438.cms">Government to take action against defaulting EV firms in e-scooter fire accidents, says Nitin Gadkari</a>

Snapchat has more active engagement than Facebook and Twitter, says report

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/snap-layoffs-staff-expecting-more-next-week-2024-2">Snap</a> is planning another round of layoffs.</li><li>In a regulatory filing dated Monday, Snap said it would slash 10% of its workforce.</li></ul><a target="_blank" href="https://www.businessinsider.com/snap-layoffs-staff-expecting-more-next-week-2024-2">Snap</a> announced another round of layoffs on Monday, the latest for Snapchat's parent company.The company said in a regulatory filing that it would cut 10% of its workforce. Snap employs approximately 5,300 workers, according to its last publicly reported headcount."In order to best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time, we have made the difficult decision to restructure our team," Snap CFO Derek Andersen wrote.The cuts come a day before Snap is scheduled to release its fourth-quarter earnings."We are reorganizing our team to reduce hierarchy and promote in-person collaboration," a Snap spokesperson told Business Insider. "We are focused on supporting our departing team members and we are very grateful for their hard work and many contributions to Snap."Two workers at the social media company previously told Business Insider's Kali Hays that several dozen <a target="_blank" href="https://www.businessinsider.com/snap-layoffs-staff-expecting-more-next-week-2024-2">Snap staffers were let go on Friday</a> and more cuts were expected.Snap — which had <a target="_blank" href="https://www.businessinsider.com/snap-layoffs-to-affect-over-1000-workers-amid-business-struggles-2022-8">laid off 20% of its staff in 2023</a> — is pushing its own augmented reality device that is now competing with Apple's Vision Pro and Meta's Quest devices. Meanwhile, BI previously reported the company has <a target="_blank" href="https://www.businessinsider.com/snap-advertising-struggle-2023-10">struggled</a> to deal with shifts in the digital ad market and fierce competition from TikTok and Meta."We need our business to be strong enough and profitable enough to deliver the future of computing in augmented reality," CEO Evan Spiegel said in an optimistic internal memo last month. The memo, <a target="_blank" rel="" href="https://www.businessinsider.com/evan-spiegel-snap-social-media-dead-leaked-memo-2024-1">viewed by Business Insider</a>, was titled "Social media is dead. Long live Snapchat!"Snap is the <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024">latest company</a> to make cuts in what's been a <a target="_blank" href="https://www.businessinsider.com/economy-layoffs-why-keep-hearing-about-tech-media-job-cuts-2024-1">brutal start to 2024</a> for tech workers.In January alone, <a target="_blank" rel="" href="https://www.businessinsider.com/read-memo-google-laid-off-workers-jobcuts-2024-1">Google cut hundreds of workers</a> from its core engineering and hardware teams while <a target="_blank" href="https://www.businessinsider.com/amazon">Amazon</a> has also slashed its film and TV production arm, <a target="_blank" rel="" href="https://www.businessinsider.com/amazon-layoffs-several-hundred-employees-prime-video-mgm-studios-memo-2024-1">eliminating "several hundred" roles at Prime Video and MGM Studios</a>. Messaging app <a target="_blank" href="https://www.businessinsider.com/discord-ceo-blames-tech-layoffs-company-growth-2024-1">Discord also laid off 17% of its workforce</a> — approximately 170 people.However, some analysts say the cuts in the tech industry <a target="_blank" href="https://www.businessinsider.com/economy-layoffs-why-keep-hearing-about-tech-media-job-cuts-2024-1">aren't necessarily being felt across the broader labor market</a>. According to data released by the <a target="_blank" rel="" href="https://www.bls.gov/news.release/jolts.nr0.htm">Bureau of Labor Statistics</a>, the rate of layoffs nationwide remains relatively low.

Snap slashes 10% of its workforce

<ul class="summary-list"><li>Frederick Joseph said a woman told him and his fiancé to stay in their "hood" at a Brooklyn dog park.</li><li>He shared video footage of them talking after the alleged exchange.</li><li>Joseph said he spoke to the woman's employer, who confirmed an employee was fired over "discriminatory behavior."</li></ul>A woman was fired after a Black man accused her of telling him and his fiancé to stay in their "hood" while they were walking their dog at a Williamsburg park.Frederick Joseph tweeted on Sunday: "At the dog park in Brooklyn with my fiancé and this white woman was threatening to call police and told us to 'stay in our hood' because she had our dog confused with another dog who had been barking loudly."He said he then "started recording and she tried to slap the phone out my hand."The video footage below shows Joseph, behind the camera, talking to the woman after the alleged exchange. The video does not show the woman telling Joseph to "stay" in his "hood."In another tweet, Joseph identified the woman as Emma Sarley, and said she was fired from her job at the software company Bevy.Insider could not reach Sarley for comment.Derek Andersen, the cofounder and CEO of Bevy, confirmed that an employee was fired, but did not name anybody."@BevyHQ has zero tolerance for discriminatory behavior of any kind. Yesterday an employee engaged in behavior contrary to our values and has been terminated. We apologize deeply to all involved," he said."I personally hope some type of resolution can happen between the two parties beyond this and will help if I can."Bevy did not immediately reply to Insider's request for comment.<a href="https://www.facebook.com/BevyHQ/photos/a.398240934032869/1151698965353725">An August Facebook post by Bevy</a> announced the hiring of an Emma Sarley as an Account Executive. A <a href="https://www.linkedin.com/in/emma-sarley-77600477/">LinkedIn page</a> with similar information had been deactivated as of Monday.The video Joseph shared shows him accusing her of telling him to "stay in our hood," and her appearing to act shocked, as if Joseph was telling her to do it. "Did you just say that to me?" she asked.At one point she is also seen holding her middle finger up to him.The Joseph then turns to another man, and says "I'm sorry, you were right here watching this entire thing. Did she not just stand here and tell us to stay in our hood?"The man in the video replies: "She did."In a later video, Joseph said he had been told Bevy had fired the woman."While it's unfortunate that she had to lose her job, I do think that this brings up an important conversation about accountability, especially in a country where Black and brown people, marginalized people as a whole, have seen so little of it," he said.He said: "I hope Emma learns from this. I hope other people learn from this who engage in abusive, racist and destructive behavior. Because ultimately, whether Emma lost her job or not, doesn't take away the trauma that my fiancé and I have. It doesn't take away the feeling of feeling like anything racist can happen anywhere."Joseph did not immediately respond to Insider's request for comment.

A woman was fired after she was accused of telling a Black dog walker in Williamsburg to stay in his 'hood'

<div class="KonaFilter image-container display-table"><div><div class="image on-image">UberUber's first employee, Ryan Graves, has resigned from the company's board.</div></div></div><ul class="summary-list"><li>Keeping an eye on major hires and promotions is one of the best ways to understand a company's strategy. </li><li><a href="https://theorg.com/">The Org</a> tracks executive changes at companies big and small. </li><li>Here's a snapshot of the most important executive moves of the week across tech and media.</li></ul>Every week we bring you an overview of the most important executive changes from the past week. This week, Ryan Graves stepped down from Uber's board of directors just two weeks after the company went public. Read about this and other notable executive news:Ryan Graves has resigned from Uber's board<a href="https://theorg.com/org/uber">Uber</a>'s first employee, Ryan Graves, has resigned from the board of directors just two weeks after the company went public. Graves was one of the only remaining allies of <a href="https://theorg.com/org/uber/team/travis-kalanick">Travis Kalanick</a> who was ousted as CEO in 2017 following multiple scandals related to Uber's poor corporate culture. Graves left Uber in 2017 after serving as senior vice president of global operations but remained on the board alongside Kalanick. It is likely that the new leadership under CEO <a href="https://theorg.com/org/uber/team/382">Dara Khosrowshahi</a> is looking to reduce the power of Kalanick on the board. According to <a href="https://www.businessinsider.com/ryan-graves-uber-board-leaves-2019-5">Business Insider</a>, Graves' personal stake in Uber is worth $1.4 billion.Lime's co-Founder Brad Bao takes over as CEOScooter startup <a href="https://theorg.com/org/lime">Lime</a> is changing CEO as <a href="https://theorg.com/org/lime/team/brad-bao">Brad Bao</a> takes over the role from his co-founder <a href="https://theorg.com/org/lime/team/10752">Toby Sun</a>. Sun has been the founding CEO since November 2017 and led the company through multiple rounds of financing reaching a valuation of $2.4 billion. Sun will now report to Bao and focus on future research and development, as well as company culture. Before Lime, Sun held a variety of consultant roles and worked at an investment firm. Snap promotes Derek Andersen to Chief Financial Officer<a href="https://theorg.com/org/snap">Snap</a> has promoted current VP of Finance, <a href="https://theorg.com/org/snap/team/derek-andersen">Derek Andersen</a> to Chief Financial Officer. Andersen will take over the responsibilities of interim CFO <a href="https://theorg.com/org/snap/team/424">Lara Sweet</a> and report to CEO Evan Spiegel. Sweet will transition into a new role as Chief People Officer and continue as Chief Accounting Officer until a replacement is named. Andersen was previously employed at <a href="https://theorg.com/org/amazon">Amazon</a> from March 2011 to June 2018, serving in a variety of roles, most recently as Vice President of Finance supporting Amazon's digital video business. Y Combinator promotes Geoff Ralston to PresidentIn a <a href="https://blog.ycombinator.com/geoff-ralston-for-president/">blog post</a>, <a href="https://theorg.com/org/y-combinator/team/10621">Sam Altman</a> announced that <a href="https://theorg.com/org/y-combinator/team/10630">Geoff Ralston</a> is taking over as President of <a href="https://theorg.com/org/y-combinator">Y Combinator</a>. Two months ago, Altman said that he would be stepping down as President to become the CEO of <a href="https://theorg.com/org/openai">OpenAI</a>, an artificial intelligence-focused company. He will remain an advisor to Y Combinator to help Ralston transition into his new role. Ralston has been a partner at Y Combinator for 8 years and previously ran engineering at Four11, where he built RocketMail, one of the first web mail services, which in 1997 became Yahoo! Mail.Jonathan Carson named Chief Revenue Officer at The Trade Desk<a href="https://theorg.com/org/the-trade-desk">The Trade Desk</a>, a global advertising technology leader, has appointed <a href="https://theorg.com/org/the-trade-desk/team/jonathan-carson">Jonathan Carson</a> as Chief Revenue Officer with responsibility for scaling the company's business development organization. Carson has more than 20 years of experience in the digital media industry, with executive leadership roles in fast-growth environments both in the U.S. and globally. Prior to joining The Trade Desk, he served as the Chief Revenue Officer of <a href="https://theorg.com/org/vevo">Vevo</a>, where he oversaw Vevo's global sales and marketing functions.Christian Wylonis <a href="https://theorg.com/">is the co-founder and CEO of The Org</a>, where you can meet the people behind the world's most innovative companies, explore organizational charts, stay updated on team changes, and join your own company. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gary-shilling-legendary-economist-trade-war-outlook-says-us-will-win-2018-10">WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war</a></h3> <div> </div> </div>

Here are the latest executive power moves that help explain everything that's going on at Uber, Lime and Snap

<ul><li><keyword id="24754" type="ORGANIZATION" weightage="60" keywordseo="snap">Snap</keyword> shares slipped nearly 8% in premarket <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> on Friday amidst an uncertain advertising outlook for the first quarter of 2021.</li><li>The <keyword id="6354632" type="UNKNOWN" weightage="60" keywordseo="social-media">social media</keyword> company expects its first-quarter EBITDA to see a loss between $50 million to $70 million. </li><li>Still, Snap executives say they are ready to adjust to Apple's privacy change set to roll out this Spring.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Snap shares fell as much as 3% on Friday after the social media company gave an uncertain outlook for advertising for the first quarter of 2021.The Santa Monica, California-based company said it expects its first-quarter EBITDA to see a loss between $50 million to $70 million during its earnings call on Thursday. Snap highlighted two key factors that may curtail its growth: The two-week <a href="https://www.businessinsider.com/business-insiders-top-advertising-and-media-stories-for-january-7-2021-1">slowdown in advertising demand</a> brought about by the insurrection at Capitol Hill and the privacy update of <a href="https://www.businessinsider.com/apple-facebook-ios-privacy-feature-apps-war-app-tracking-transparency-2020-12">Apple in iOS14</a> which is expected to kick in later this quarter. "Thus we started the quarter slower than we would have otherwise expected," company Chief Financial Officer Derek Andersen said. The executive noted that the changes might have an impact on how Snap and other social media companies direct advertising to their users. The main change from the Apple iOS14 update will force app makers to seek permission from iPhone users to access personal information. Pundits have said many users are expected to decline, making advertising less effective.Social media giant Facebook in December published a newspaper advertisement accompanied by a blog post slamming the update. Facebook <a href="https://www.facebook.com/business/news/ios-14-apple-privacy-update-impacts-small-business-ads">said</a> the move "threatens the personalized ads that millions of small businesses rely on to find and reach customers." Facebook and Apple have sparred before over<a href="https://www.businessinsider.com/apple-facebook-data-privacy-fight-2020-11"> which company exploits data more.</a>Still, Snap Chief Business Officer Jeremi Gorman said the company will do its best to adjust to these unpredictabilities."Overall, we feel really well prepared for these changes, but changes to this ecosystem are usually disruptive and the outcome is uncertain," Gorman, <a href="https://www.fool.com/earnings/call-transcripts/2021/02/04/snap-inc-snap-q4-2020-earnings-call-transcript/">during the earnings call</a>, said. For the <a href="https://www.businessinsider.com/snap-beats-wall-street-expectations-for-user-growth-revenue-2021-2">fourth quarter</a>, Snap beat analysts' estimates for both user growth and revenue as the coronavirus pandemic prompted more people to use the app to connect with friends.Daily active users rose 22% to 265 million in the fourth quarter year-on-year, a metric watched by investors and advertisers, while revenue grew 62% to $911 million, beating Wall Street's estimate of $857.4 million. Snap, the owner of popular photo-messaging app Snapchat, made its biggest gains in regions outside North America and Europe, with 55% growth in daily active users.Big <keyword id="1760082" type="PERSON" weightage="60" keywordseo="Tech-Earnings">Tech earnings</keyword> overall were strong this quarter, driven by an increase in usage as more people try to stay connected amidst the pandemic and a strong holiday shopping season."The pandemic and stay-at-home orders accelerated a digital transformation, creating a new normal where brands are trying to determine the technology and trends that are here to stay," Gorman said.Shares of Snap Inc. were trading at $57.59 as of 10:05PM E.T. on Friday.

Snap falls 3% on uncertain advertising growth outlook amid Apple's new privacy rules

<keyword id="24754" type="ORGANIZATION" weightage="60" keywordseo="snap">Snap</keyword>'s revenue for Q3 blew away analysts' expectations and sent its stock booming in after-hours trading late Tuesday.<keyword id="6358096" type="DEFINITION" weightage="60" keywordseo="snapchat">Snapchat</keyword>'s parent company said it generated $678.7 million in revenue in the third quarter, up by 52% year-on-year. The reported revenue beat Wall Street analysts' consensus by more than $100 million.In after-hours trading, Snap's stock shot up more than 20%.Here are the key numbers, as well as the average analyst estimates, via Bloomberg:<ul><li>Revenue: $678.7 million, up 52% year-on-year (vs $559.2 million estimate)</li><li>Daily Active Users: 249 million, up 18% year-on-year (vs 244.6 million estimate)</li><li>Earnings Per Share (adjusted): 1 cent (vs estimated loss of 5 cents)</li></ul>Snap's third quarter has historically been successful: Last year, the company <a href="https://techcrunch.com/2019/10/22/snapchat-earnings-q3-2019/">saw a 50% increase in revenue</a> and 13% increase in DAUs. In a call with investors Tuesday night, Snap CEO Evan Spiegel said the company reported year-over-year Q3 growth rates for both revenue and daily active users that are higher than they've been since 2017.The jump in revenue growth by Snap could signal optimism for the rest of the tech industry as it continues to stymie the effects of the coronavirus pandemic. Snap's third-quarter earnings come more than a week before tech giants like Facebook and Google release their own.Like many tech companies, Snap relies on revenue from brands, whose pandemic-related financial slowdowns were expected to have a domino effect on ad buyers. However, digital ad spending has since started to trend back up across the board, boosting the revenue of social networks like Facebook, TikTok, and Snapchat.Further, social-distancing guidelines and stay-at-home orders have helped to boost consumer tech's usage numbers. Snap added 39 million DAUs globally, marking 18% growth year-over-year.The biggest uptick in DAUs came in Snap's international presence outside of North America and Europe. Snap saw 43% year-over-year growth in "rest of world," the term it uses for its presence in countries like India, Brazil, and the Phillipines. However, the company is <a href="https://www.thestreet.com/investing/snap-is-finding-that-profitably-supporting-emerging-markets-isnt-easy#:~:text=On%20an%20annual%20basis%2C%2021,%E2%80%9CRest%20of%20World%E2%80%9D%20countries.&amp;text=Source%3A%20Snap.,than%20doubled%20annually%20in%20Q2.0Q2.">still struggling to monetize</a> those new users in emerging markets: Snap reported in Q3 a 6% decrease in average revenue per user.Snap again declined to provide financial guidance on its estimates for Q4 due to "given the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions." In Tuesday night's call, Snap chief financial officer Derek Andersen said the company expected percentage growth in both revenue and DAUs in Q4 similar to that it reported this quarter.Looking forward, the company is in the process of rolling out its one of its biggest format changes. The company unveiled at its Snap Partner Summit in June that it was adding a navigation bar to help Snapchat users easier find and access the deluge of features added to the app. Spiegel disclosed Tuesday that the navigation-bar update is the first time the company has "prototyped and launched" a redesign first on Android — a userbase <a href="https://www.businessinsider.com/snapchat-android-app-update-2019-4">the company notoriously alienated with</a> a Snapchat app known for frequent crashing and poor camera quality. Snap released its overdue revamp to its Android app last year.

Snap crushes analysts' Q3 revenue expectations, sending its stock soaring

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Michael Kovac/Getty Images for Vanity FairSnapchat CEO Evan Spiegel.</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/snapchat">Snap</a> saw its stock soar Tuesday after the company reported <a href="https://www.businessinsider.com/snapchat-q2-2019-earnings-revenue-users-2019-7">a greater-than-expected increase</a> in the number of daily Snapchat users in the past three months.</li><li>Snap can credit its user growth to its popular <a href="https://www.businessinsider.com/snapchat-gender-changing-filter-tinder-catfish-2019-5">gender-swapping filter</a>, which attracted 7 million new users to the app in the five days after it was released in May.</li><li>The company has been struggling to keep existing users and bring new users to the platform, and has been <a href="https://www.businessinsider.com/snapchat-customer-base-will-decrease-in-2019-analyst-says-2019-4">losing its audience to competitors</a> like Instagram and TikTok.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Amid Snapchat's uphill battle to keep users interested and attract even more to the app, the company has unexpectedly surpassed the 200 million mark for daily users.Snap's greater-than-expected numbers were revealed Tuesday in the <a href="https://www.businessinsider.com/snapchat-q2-2019-earnings-revenue-users-2019-7">company's earnings report</a> for the second quarter of 2019. The company added 13 million daily active users in the last three months, which is its highest growth since 2016.The app has one key feature to thank: its popular, catfish-enabling <a href="https://www.businessinsider.com/snapchat-gender-changing-filter-tinder-catfish-2019-5">"gender-swapping" filter</a>.Snapchat rolled out the filter on May 10 that, when applied, changed users' appearances by swapping out their traditionally male or traditionally female facial features with those of the other gender. The filter was an instant hit, and many quickly posted their transformations on social <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword>. It was particularly popular among men applying the female-appearing filter, some of whom used their altered appearances to create fake Tinder profiles and <a href="https://www.businessinsider.com/snapchat-gender-filter-helps-catch-suspect-police-officer-tinder-report-2019-6">catfish other men there</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Ben Gilbert/Business InsiderAn example of Snapchat's gender-swapping filter in action.</div></div></div>In the five days after Snapchat rolled out the new lens filter in May, 7 million new users across iPhone and Android devices installed the Snapchat app for the first time, <a href="https://www.businessinsider.com/snapchat-gender-changing-filter-tinder-catfish-2019-5">according to data from Sensor Tower</a>.That's a huge uptick from how many new users Snapchat usually draws in: During the same five-day time span a week before, Sensor Tower reported the app was downloaded only 3 million times, which means there was a 133% increase in the amount of new Snapchat downloads in the days after the gender-swapping filter took social media by storm.Read more: <a href="https://www.businessinsider.com/snapchat-q2-2019-earnings-revenue-users-2019-7">Snap's stock jumps almost 12% after beating Wall Street's expectations for Q2 2019</a>Snapchat has been making a big push into the creation of new filters - or "augmented reality lenses," as Snapchat calls them. In the Tuesday earnings call, Snap Chief Financial Officer Derek Andersen credited the company's AR lenses with an estimated 7 million to 9 million of the platform's added 13 million daily active users.The 13-million userbase jump is massive for a platform that has been seeing <a href="https://www.businessinsider.com/snapchat-teens-favorite-social-platform-beats-instagram-piper-jaffray-report-2019-4">its daily user base shrink</a> f0r months. Users dropped Snapchat en masse following <a href="https://www.businessinsider.com/snapchat-rolls-back-redesign-on-ios-2018-5">a wildly unpopular redesign</a> for iPhones and iOS devices in 2017 that put Snapchat Stories from friends and celebrities on the same page. The company continued to lose users through 2018, as <a href="https://www.businessinsider.com/snapchat-teens-favorite-social-platform-beats-instagram-piper-jaffray-report-2019-4">more teens continued to turn to Instagram over Snapchat,</a> as well as popular video app TikTok.Coming into May, <a href="https://www.businessinsider.com/snapchat-customer-base-will-decrease-in-2019-analyst-says-2019-4">analysts anticipated</a> Snapchat's user base to shrink even further this year. But instead, Snapchat saw its <a href="https://www.businessinsider.com/snapchat-q2-2019-earnings-revenue-users-2019-7">global user base increase 8%</a> since this time last year.<a href="https://www.businessinsider.com/intelligence/stories-slide-deck?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=socialmedia&amp;itm_campaign=stories-slide-deck"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/robotic-farm-uses-90-less-water-than-traditional-farming-2018-10">This robotic farm uses 90% less water than traditional farming</a></h3> <div> </div> </div>

Snap saw monstrous growth in the second quarter, and the reason has a lot to do with that viral gender-swapping filter

<div type="image" title="grace frankie" height="841" width="1122" msid="77112495" hostid="261"></div>Hello and welcome to <keyword id="1083886" type="ORGANIZATION" weightage="60" keywordseo="trending">Trending</keyword>, Business Insider's weekly look at the world of tech. I'm Alexei Oreskovic, Business Insider's West Coast Bureau Chief and Global Tech Editor. If you want to get Trending in your email inbox every Wednesday, <a href="http://newsletter.businessinsider.com/join/4np/trending">just click here.</a><h2>This week: What's one more decade when you're <keyword id="566177" type="PERSON" weightage="60" keywordseo="Reed-Hastings">Reed Hastings</keyword>?</h2><div type="image" title="reed hastings" height="1676" width="2555" msid="77112500" hostid="261"></div>"To be totally clear, I'm in for a decade."So said newly appointed <keyword id="128682" type="COMPANY" weightage="60" keywordseo="Netflix">Netflix</keyword> co-CEO Reed Hastings <a href="https://www.businessinsider.com/netflix-q2-2020-earnings-analysis-subscribers-revenue-eps-2020-7">during the company's quarterly earnings call on Thursday.</a> Hastings will now <a href="https://www.businessinsider.com/netflixs-content-chief-ted-sarandos-named-co-ceo-2020-7">share the top job with the company's longtime content boss Ted Sarandos,</a> but his message was clear: He's not going anywhere.To anyone who's looked at the dismal track record of <a href="https://www.businessinsider.com/sap-ceo-christian-klein-covid-19-crisis-2020-6">such dual-CEO arrangements</a> lately, Hastings' promise may seem improbable. Whether it's Hastings or Sarandos, one of the pair is unlikely to still be in the job 10 years from now. But Hastings has proven far more prescient than almost any other business leader, so we decided to take a look at what the world will look like in 2030, as Hastings prepares to retire.<ul><li>The population of the Earth will be close to 9 billion, according to UN estimates, <a href="https://www.businessinsider.com/biggest-cities-by-2030-2018-7">with 43 "megacities" including India's "Greater Delhi" and its 39 million residents.</a></li><li>Computers will possess <a href="https://www.businessinsider.com/ray-kurzweil-thinks-well-have-human-level-ai-by-2029-2014-12">artificial intelligence equal to human intelligence,</a> says famed futurist Ray Kurzweil. And China will be the world leader in AI, using it to dominate the military, public governance, and industrial production — <a href="https://www.businessinsider.com/former-google-ceo-eric-schmidt-on-china-tech-competition-2020-2">at least, that's if China's "Made in China 2025" plan succeeds.</a></li><li><a href="https://www.businessinsider.com/covid-19-and-electric-vehicles-self-driving-cars-whats-next-2020-6">Self driving cars</a> and Flying taxis will ferry people around cities in places like Japan, Korea, <a href="https://www.businessinsider.com/dubai-wants-25-of-its-cars-to-be-driverless-by-2030-2016-4">and Dubai</a>. But our homes and office buildings will no longer have windows (and your eyesight will suffer greatly) due to strict climate emission standards — if you believe <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-press-conference-071420/">President Trump's recent prophecies.</a></li><li>And the first base for humans living on Mars will by then be in its third year of existence, <a href="https://twitter.com/elonmusk/status/1043253619485622272?s=20">Elon Musk says.</a></li></ul>In short, Netflix will have a giant multiplanetary addressable market to stream videos to (or whatever gets streamed at that point), just as the 69-year-old Hastings hangs up his spurs. I'm not sure if "Grace and Frankie" will still be in production, though.<h3>Of course, you don't have to wait until 2030 to get a taste of the future.</h3><div type="image" title="Jeff Bezos HaptX" height="1899" width="3000" msid="77112503" hostid="261"></div>As Eugene Kim reports, <a href="https://www.businessinsider.com/amazon-vesta-home-robot-considering-1000-price-tag-2020-7">Amazon's secret project building a home robot for consumers is getting closer to reality.</a> There's even a sales price — potentially exceeding $1,000 — already under discussion.It would make the waist-high robot code-named "Vesta" and resembling a "Roomba vacuum-cleaner in human form" the most expensive gadget in <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>'s hardware closet. Unlike the unwanted crumbs sucked up by a Roomba, however, the Amazon robot might roam your house hoovering up an assortment of private data — a risky proposition for any tech company these days.So what's Amazon CEO Jeff Bezos thinking? <a href="https://www.businessinsider.com/robots-drones-dominate-amazon-first-remars-show-las-vegas-2019-6">Besides Bezos' thing for bots,</a> it's not entirely clear what's motivating this initiative. Some speculate the Vesta could test the potential for Amazon to expand its Alexa voice assistants into the market for higher-priced luxury goods, while simultaneously letting Amazon flex its technical chops.<h3><a href="https://www.businessinsider.com/amazon-vesta-home-robot-considering-1000-price-tag-2020-7">Read Eugene's full story on Amazon's robot here.</a></h3><h2><a href="https://www.businessinsider.com/google-trump-coronavirus-testing-verily-employees-stress-exhausting-conditions-2020-7">Alphabet's Verily goes to Code Red</a></h2>Not far from Amazon's Lab126 office where the Vesta robot is being developed, Google's sister company <keyword id="123148" type="PERSON" weightage="60" keywordseo="verily">Verily</keyword> has been operating in "Code Red."As Hugh Langley reports, <a href="https://www.businessinsider.com/google-trump-coronavirus-testing-verily-employees-stress-exhausting-conditions-2020-7">Code Red is the name for Verily's efforts involving the coronavirus.</a> And according to insiders that Hugh spoke to, it has not exactly been smooth sailing. Seven day weeks of 12-hour days, constant fire drills, and a culture of fear rule the organization. Speaking out is not only discouraged, it is punished. <h3><a href="https://www.businessinsider.com/google-trump-coronavirus-testing-verily-employees-stress-exhausting-conditions-2020-7">Read Hugh's full story about life inside Verily here.</a></h3><h2>Earnings season surprises</h2><div type="image" title="Evan Spiegel" height="2136" width="3200" msid="77112505" hostid="261"></div><a href="https://www.businessinsider.com/snap-q2-earnings-ad-revenue-daus-analysts-wall-street-expectations-2020-7">Snap's Q2 results caused a bit of a shiver among investors on Tuesday</a>. Not because the recovery from the coronavirus pandemic is taking longer than expected, <a href="https://www.businessinsider.com/ibms-ceo-economic-recover-will-take-longer-than-expected-2020-7">as IBM attested on Monday</a>, but because the lockdowns didn't deliver the sustained levels of user engagement that Snap was banking on."This initial lift dissipated faster than we anticipated as shelter in place conditions persisted," Snap CFO Derek Andersen, explaining the shortfall in Q2's daily active users, said. (The report came out on the same day that Business Insider's Paige Leskin reported that <a href="https://www.businessinsider.com/snapchat-internal-investigation-racism-sexism-allegations-employee-interviews-diversity-report-2020-7">Snap has hired an outside law firm to investigate allegations of discrimination</a>.) Next up are Microsoft and Tesla, both of which reports their quarterly results on Wednesday. Here's what to expect:<ul><li><a href="https://www.businessinsider.com/microsoft-satya-nadella-close-retail-stores-mixer-strategy-2020-7">The end of Microsoft's retail stores and the Mixer streaming service show CEO Satya Nadella's willingness to cut its losses and ruthlessly focus on its strengths, experts say</a></li><li><a href="https://www.businessinsider.com/tesla-q2-earnings-preview-profit-china-coronavirus-demand-2020-7">The future of Tesla's $200 billion winning streak hinges on this week's earnings report</a></li></ul><h2><a href="https://www.businessinsider.com/virtual-influencers-like-lil-miquela-see-interest-increase-in-pandemic-2020-7">Snapshot: Boom times for virtual influencers</a></h2>Just when social-media influencers were set to rule the world, the pandemic — and its many disruptions — has put their ascendancy on hold. But, lest marketers be without an influential face to pitch their wares, <a href="https://www.businessinsider.com/virtual-influencers-like-lil-miquela-see-interest-increase-in-pandemic-2020-7">a special breed of "virtual influencer" has rushed in to fill the void.</a>Lil Miquela, pictured below, signed a deal with legendary <a href="https://www.businessinsider.com/top-talent-agents-of-youtube-creators-influencers-uta-wme-caa-2019-11">Hollywood talent agency CAA</a> in May. Unlike her flesh-and-blood counterparts, Miquela doesn't stop producing new content just because of a virus, explains Kara Weber, president of Brud, the virtual influencer startup that created the celebrity avatar. <a href="https://www.businessinsider.com/virtual-influencers-like-lil-miquela-see-interest-increase-in-pandemic-2020-7"><div type="image" title="Lil Miquela - Brud virtual influencer" height="2814" width="3752" msid="77112511" hostid="261"></div></a>"During the COVID pandemic when other artists can't go anywhere, Miquela can be anywhere," Weber said, noting her electronic client's growing popularity with brands seeking to connect with consumers in the "brave new world where we're all living inside our homes."<h3><a href="https://www.businessinsider.com/virtual-influencers-like-lil-miquela-see-interest-increase-in-pandemic-2020-7">Read the full story about virtual influencers here.</a></h3>Special event: Join Business Insider and Salesforce on Tuesday, July 28 at 12:00 p.m. ET for "Digital Optimization: How manufacturers can take small steps for big wins," a free digital event. The session will explore how manufacturers can pivot to digital to create a customer-first experience, enhance relationships, and build trust. <a href="https://event.on24.com/wcc/r/2465686/1F006602982679F306D893E9C83E6D70?partnerref=editorial_newsletter_inclusion" target="_blank" rel="noopener">Click here to register</a>.<h2>Recommended Readings:</h2><a href="https://www.businessinsider.com/angelpad-scored-successes-like-postmates-by-sticking-to-its-roots-2020-7">Meet the husband-and-wife team that run AngelPad, the exclusive startup accelerator whose early bet on Postmates just led to a $2.65 billion Uber acquisition</a><a href="https://www.businessinsider.com/openai-gpt-3-language-generation-model-important-breakthrough-2020-7">Everything you need to know about GPT-3, the natural language AI tool that's making tech Twitter lose its mind</a><a href="https://www.businessinsider.com/meet-25-investors-red-hot-fintech-industry-2020-7">These 25 investors are hunting for the next big fintech unicorn. Here's what founders should know before pitching them.</a><a href="https://www.businessinsider.com/carta-exec-files-gender-discrimination-lawsuit-2020-7">A female exec is suing $3 billion Carta, alleging that the CEO likened her to an alcoholic who needed to recover from her 'a--hole' problem</a><a href="https://www.businessinsider.com/rising-stars-executives-salesforce-tableau-marc-benioff-2020-3">Meet the 24 rising stars at Salesforce who are playing key roles in helping CEO Marc Benioff grow the cloud computing powerhouse</a><h2>Not necessarily in tech:</h2><a href="https://www.businessinsider.com/real-estate-investing-strategies-tips-how-to-get-started-experts-2020-7?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=investing_insider&amp;utm_campaign=Post%20Blast%20moneygame:%20The%20definitive%20real-estate-investing%20guide%20%E2%80%94%20How%20to%20pick%2010-baggers%20%E2%80%94%20Avoiding%20crowded%20tech%20stocks&amp;utm_term=MARKETS%20CHART%20OF%20THE%20DAY%20-%20ENGAGED%2C%20ACTIVE%2C%20PASSIVE%2C%20DISENGAGEDSIVE%2C%20DISENGAGED">The ultimate guide to getting started in real-estate investing — according to entrepreneurs who built multimillion-dollar empires from scratch</a>That's all folks. Thanks for reading, and if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>. — Alexei

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