(Reuters) – Parent of Snapchat messaging Snap Inc’s <SNAP.N> Chief Executive Evan Spiegel has set a goal to achieve full-year profitability in 2019 and outlined a new set of strategic goals, online news service Cheddar reported on Thursday, citing a memo.
In the memo dated Sept. 26, Spiegel admitted that Snapchat had “rushed redesign, solving one problem but creating many others,” Cheddar reported. (https://bit.ly/2zSC2jg)
Snap did not immediately reply to a request seeking comment.
In August, Snap reported its first-ever drop in daily users, largely due to the redesign, but beat quarterly revenue estimates on a shift to primarily selling ads through self-service.
Snap shares closed at $7.80 (5.99 pounds) on Thursday.
(Reporting by Mekhla Raina in Bengaluru; editing by Diane Craft)