Although the messaging platform is betting on investments in Artificial Intelligence (AI) this year, such as its “My AI” chatbot and augmented reality filters, it performed poorly in advertising.
After the announcement of its quarterly report, some media such as CNBC reported a drop in its shares of up to 20% throughout the day.
“Our community continues to grow, now what we are looking for is to achieve more engagement and the creation of a more innovative platform with our new AI products,” said the CEO of the company Evan Spiegel.
The company also pointed out that its virtual and augmented reality business continues to grow and that is why it will continue with this approach for the rest of 2023, seeking to make tools such as Ray Tracing available to content creators.
