07:09 AM EDT, 09/04/2024 (MT Newswires) -- Snap (SNAP) plans to invest in its underperforming advertising business, focusing on augmented reality, Reuters reported late Tuesday, citing a note to employees by its chief executive officer, Evan Spiegel.

"Our advertising business is growing slower than our competitors," Spiegel said in the note, the report said. "We are investing in creating augmented reality glasses that allow people to interact with computing, the world, and one another in totally new ways."

Snap did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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