October 4, 2018 / 11:13 PM / a year ago

Snap CEO Spiegel sets profitability goal for 2019 -Cheddar

Oct 4 (Reuters) - Parent of Snapchat messaging Snap Inc’s 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. (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 on Thursday. (Reporting by Mekhla Raina in Bengaluru; editing by Diane Craft)

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