Snap to focus on growing ads business, augmented reality amid poor stock performance

Snap (SNAP.N) will concentrate on expanding and diversifying its underperforming advertising business with a focus on augmented reality, CEO Evan Spiegel informed employees in a note sent this week.

The announcement comes amid a challenging period for the Snapchat owner, as it contends with major social media players such as Instagram parent Meta Platforms (META.O) and Bytedance’s TikTok for advertising revenue.

“You may be wondering why, with all of the progress we’ve made in our business over the last year...