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SNAP Adds Lock Screen Widgets, Chat Shortcuts for iOS 16 Users

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Snap inc. (SNAP - Free Report) recently announced the launch of iOS 16 Lock Screen widgets and more for its iPhone users on Snapchat. One of the major changes with Apple’s iOS 16 launch is the option to personalize your Lock Screen with widgets. Many companies have worked to make their apps iOS 16-ready and the list now includes Snapchat.

The company has been benefiting from growing demand for Snapchat’s new features and the popularity of its paid subscription service Snapchat+, which reached 1 million subscribers as of Aug 16.

Steady user growth on Snapchat can be attributed to the strong adoption of Augmented Reality (AR) Lenses, Discover content and Shows, which in turn add to the company’s top-line growth.

Shares of the company have fallen 76% in the year-to-date period compared with the Zacks Internet-Software industry’s decline of 51.6% and the Zacks Computer and Technology sector’s decrease of 31.8% in the said time frame. SNAP is suffering from a decrease in advertising demand as advertisers continue to face supply-chain disruptions and labor shortages amid steady user growth.

This Zacks Rank #3 (Hold) company will significantly slow hiring, invest in its ad business and find new sources of revenues in order to grow at a faster pace in the near term. This development comes after IT companies, crypto exchanges and financial firms cut jobs and slowed down the hiring process due to slow global economic growth caused by higher interest rates, rising inflation and an energy crisis in Europe. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Snap Inc. Price and Consensus

Snap Inc. Price and Consensus

Snap Inc. price-consensus-chart | Snap Inc. Quote

Feature Additions to Boost User Growth Ahead of Holiday Season

Snapchat’s Lock Screen widgets create a chat widget on the lock screen that opens the sender’s chat by tapping on the icon. With this feature, a user will be able to personalize their lock screens by keeping their favourite conversations saved to the lock screen. Those conversations will then appear on the top of the lock screen first.  

The second widget will show a Snap camera, which will be available on the home screen. The widget will also show the latest streak with the user’s friend alongside the emojis, which are being used next to a specific chat. This will save time for scrolling everything to go to the app.

The newly released Chat shortcut will ensure that the flow of chat does not stop. Available at the top of the Chats tab, it displays unread messages, missed calls, story replies, or unopened snaps.  Plus, the Shortcuts menu will update the upcoming birthdays of friends and send reminders.

Snapchat is also introducing tools like Question Stickers for iOS 16. It is similar to the “Ask me a question” addition on Instagram stories and lets people ask questions to which the user can reply to. The company also announced making Snapchat for Web available to all users. Previously, only Snapchat+ subscribers could access it.

Last month, the platform introduced a dual camera feature for Snapchatters to capture multiple perspectives and themes at the same time. The dual camera feature has four layouts, including a vertical, horizontal, picture-in-picture, and cutout.

Moreover, the company released new AR lenses at Electric Daisy Carnival, Las Vegas, NV, as part of Snap’s Live Nation Entertainment (LYV - Free Report) partnership. Snapchat entered into a multi-year partnership with Live Nation to use AR experiences, which have been created with artists. The companies plan to collaborate with artists at various music festivals throughout the partnership.

Snapchat reaches 75% of 13–34-year-olds in the United States, making it a larger platform than Meta Platform’s (META - Free Report) Facebook and Instagram as well as Twitter. However, Snapchat is facing stiff competition from Meta Platform’s Instagram, which has already announced the dual camera feature on its platform in the previous quarter.

Earlier this year, Snap rolled out a feature that enabled users to share Alphabet (GOOGL - Free Report) owned YouTube video links via the Snapchat Camera platform. With the integration of this feature, Snapchatters can directly access the video within Alphabet’s YouTube app or any other mobile browser, with just a tap on the YouTube stickers available on the Snapchat app.

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