Snapchat in Turmoil as Key Staff Quit

Snapchat in Turmoil as Key Staff Quit
The resignation of Snap's Chief Strategy Officer has left the company rudderless.

(CCM) — The future of Snapchat has been plunged into doubt following the shock departure of parent company Snap's Chief Strategy Officer Imran Khan.

The move follows the abrupt departures of the company's finance chief and Vice-President of Monetization Engineering in May, the BBC reports.

Khan is a former Credit Suisse investment banker, and his role was pivotal in floating Snap on Wall Street after taking the role of Chief Strategy Officer in 2015, according to the report.

Snapchat is slowly sinking as users begin to desert the service: last month Snap posted its first drop in daily users, and the company has been losing money since it debuted on Wall Street in March 2017. Its share price has tumbled by 40% since then, and it dropped nearly 2% when Khan quit.

Snap had planned to become profitable thanks to advertising revenues, but with a declining user base it is hard to see how it will be able to increase these revenues.

Last month Snap made the decision to abandon its Snapcash peer-to-peer payment service, less than four years after it was launched in partnership with Square. The company had hoped that the payment service would be a significant source of revenue.

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