Snap Inc. shares increased +3.2% in pre-market trading , following reports of CEO Evan Spiegel’s profitability projection for 2019 along with his plans to avoid past mistakes for the company.
In a leaked 15-page memo, reported by online news service Cheddar, Spiegel indicated to employees that Snapchat is on track to achieve targets at a “sustainable pace “ and would avoid overly aggressive strategies of the past. The company will now take “time to rest and reassess.” He also said, “We improved goal-setting across our teams with OKR processes that provide share visibility into the progress we are making against our priorities. We learned how to focus and execute together as a team. We moved like a cheetah.”
Spiegel also hopes for the company to break even by Q4 2018 and become profitable for the full-year 2019.