Snap CEO says macro environment continues to be headwind to revenue growth

In his shareholder letter, CEO Evan Spiegel said: "The macroeconomic environment continues to be a headwind to revenue growth, and we are using this opportunity to make significant improvements to our advertising platform, including transitioning to a new ad format that is consistent across the content Snapchatters view on our platform and optimizing our webview experience to improve in-session conversions. We’ve also identified new areas to invest in machine learning to accelerate our content and ad platform ranking and optimization efforts, and we are excited about the long-term potential of our business as we identify new ways to improve return on investment for advertisers… We will continue to invest with a long-term perspective, especially in areas that support our three strategic priorities: growing our community and deepening their engagement, accelerating and diversifying our revenue growth, and investing in augmented reality. We are now making strategic investments in cloud-based ML infrastructure, which we believe will improve ranking and personalization of our content and ad platforms and lead to a stronger return on investment for our advertising partners. While there is still a lot of work to be done, our large and growing community, track record of innovation, strong balance sheet, and the adjustments we have made to drive focus and reduce our cost structure enable us to invest over the long term to best support our advertising partners and make the right investments for our business."