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00:02Snap CEO Evan Spiegel announced a major restructure with startup-style squads
00:06to drive growth amid slowing ad revenue and rising competition, according to Benzinga.
00:11Spiegel said Snap will form five to seven small startup-style teams
00:14after its ad revenue grows slow to 4% year-over-year in the second quarter.
00:19Snap reported a $263 million second-quarter net loss
00:22as it faced ad competition from Meta, Alphabet, and TikTok.
00:26Spiegel said Snap is squeezed between trillion-dollar tech giants
00:28facing monopoly suits and smaller rivals with growing influence.
00:32Spiegel said Snap will target medium-sized customers
00:34with each new activation averaging nearly $6 million in annualized U.S. revenue.
00:39Spiegel's squad strategy has modeled on Snapchat's growth to about 15 million subscribers
00:43and nearly $700 million in recurring revenue within three years.
00:47Service now generates over half of Snap's incremental revenue growth.
00:51For all things money, visit Benzinga.com.
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