Snap Inc. on recruitment drive as it reports disappointing Q2 earnings
13 August 2017
Snap Inc.(NYSE:SNAP), the maker of the popular photo and video messaging application Snapchat, is ramping up hiring in Dubai after it announced the opening of its first Middle East office earlier this year.
The American technology and social media firm established an office in Dubai Internet City in February, led by ex-Yahoo head Hussein Freijeh.
In a job posting on LinkedIn late last week, Snap said it was looking for an “International Marketing Manager to join Team Snapchat!”.
It said the role would involve working closely with the international marketing team and helping to create messaging that will help businesses and consumers understand and embrace Snapchat.
The position, to be based out of Snap’s Dubai office, would primarily focus on business-to-business marketing, but will include some business-to-consumer, the post added.
The company is also advertising additional roles in human resources, sales and measurement and consumer insights.
Real estate consultancy Knight Frank said in a company blog post last month that Dubai’s technology industry is expected to increase its office footprint, with companies such as Google, Snapchat, Facebook and Twitter already located in the emirate.
In June, American e-commerce giant Amazon began advertising for staff in the region to be based out of its Dubai office.
Knight Frank said the Tecom free zone, which includes Dubai Internet City and Dubai Media City, and the Dubai International Financial Centre (DIFC), maintained high rental levels as occupancy levels remained strong. “Their free zone status, quality of space, developed surrounding infrastructure and proximity to amenities such as retail and F&B continue to work in their favour,” the company said.
It added that DIFC could witness a growth in new financial companies setting up that are offering novel blockchain and fintech services, but that competition would remain fierce as these companies are also being targeted by other Gulf entities, such as the Abu Dhabi Global Market in Abu Dhabi and authorities in Bahrain.
Shares, revenue slump
Snap’s quarterly results on Friday fell short of analyst expectations, slumping nearly 17 percent in extended trading.
Snap reported daily active users (DAUs) and second-quarter revenue below analyst forecasts, sending shares down to $12. The stock debuted on March 2 at $24, compared with an initial public offering price of $17.
DAUs rose to 173 million in Q2, short of the 175.2 million DAUs expected by analysts, Reuters reported on Friday, quoting financial data analytics firm FactSet. DAUs were 143 million in the year-earlier quarter and 166 million in the previous quarter.
Since it first appeared on the public markets, Snap has described itself as a “camera company”.
“We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate,” Snap states on its website.
However, there are concerns about the company’s ability to compete for users and advertising dollars, with increased pressure from social giant Facebook Inc’s Instagram Stories, which is similar to Snapchat’s disappearing messages feature.
© Zawya 2017