Snapchat is trying to be better.
It can be hard to keep up with the number of apps and new technology that seemingly drop almost every week. In terms of social media apps, one in particular, Snapchat, just can't seem to make the mark when it comes to user loyalty and being user-friendly.
The photo-sharing platform's recent quarter three earnings revealed that the company raked in $207 million in earnings, but missed the mark in expectations around user growth and expansion, where they lost a whopping $443 million. Business Insider reports that Snapchat's stock dropped as much as 22%.
As a response to investors, Snap Inc. CEO Evan Spiegel announced that the company will be undergoing a redesign to appeal to users in a hope of gaining back love for the application.
"One thing that we have heard over the years is that Snapchat is difficult to understand or hard to use, and our team has been working on responding to this feedback. As a result, we are currently redesigning our application to make it easier to use," Evan says in a statement. "There is a strong likelihood that the redesign of our application will be disruptive to our business in the short term, and we don’t yet know how the behavior of our community will change when they begin to use our updated application. We’re willing to take that risk for what we believe are substantial longterm benefits to our business."
Snapchat's previous attempts to lift the company higher failed after Snap spectacles made no impact on sales and Snap Maps had big concerns over privacy and safety. No further information on the upcoming design have been released, but Evan does warn that these drastic changes may undercut Snap's cool factor.
What do you guys think? Can Snapchat make a comeback or is Instagram the better app?