TMTPOST--Snap Inc. CEO Evan Spiegel has informed employees that the company will concentrate on expanding its underperforming advertising business while placing a significant emphasis on developing augmented reality (AR) technology. The move comes as Snap’s Snapchat ad revenue faces fierce competition from major social media platforms like Instagram and TikTok. Spiegel acknowledged that while Snap made some progress last year, its stock performance lagged behind the broader market due to slower growth in its advertising business compared to its competitors. Snap’s stock has fallen approximately 48% this year, with a recent drop of 5.14% to $8.86. To address these challenges, Spiegel announced plans to adjust marketing strategies by introducing new advertising solutions powered by machine learning and automation. Additionally, Snap is working on developing AR and smart glasses to enhance its product offerings and market position.