Snapchat has just published it’s third annual ‘CitizenSnap’ report, which outlines how the company progresses towards its various environmental, governance, and social goals, as well as how it looks to contribute to key aspects of growth and development to benefit the planet.
According to Snap:
“At Snap, our mission is to contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. Snap is built around our core values of being kind, smart, and creative. From the beginning, we have designed these values into our products and into the way we treat our team, our communities, and our partners. And as we evolve and grow, we hold steadfast in upholding our mission and our values, never losing sight of our foundation.”
The Charm
The 113-page report, though a lot to take in, rewards those willing to diligently read with a heap of insights and Stats pertaining to Snap’s performance. It’s interesting to note the depth of data available on the key company goals. You can download the full 2022 CitizenSnap report here. Now, onto a couple of key points.
To start, the executive summary shares an overview of the various initiatives that Snap’s undergoing to address each pillar of its global citizen plan. These pillars refer to four key elements: Society, Planet, People, and Governance. Snap’s report essentially looks at how it looks to address each aspect, with specific highlights on certain elements that have seen a bigger impact over the past year. This includes Snap’s ‘Run for Office’ electoral engagement push, which has helped improve civic engagement among younger audiences.
To add, Snap also provides in-depth breakdowns of its performance stats on each aspect, including a full track of its carbon emission. Honestly, that’s a rather remarkable stat to include and is often a neglected one, which is good to see as it adds truth to Snap’s effort to sincerely contribute to global restoration efforts. Snap also shares an overview of general usage and impact data, highlighting its reach and scope.
The Wrap
Overall, Snap appears to be progressing steadily towards achieving its longer-term goals on each element, though its efforts may be hampered slightly by more recent revenue impacts, prompting it to warn the market of lower than projected earnings for its Q2 2022.
As a result, Snap will slow down hiring and you would assume that some of these initiatives will see some impacts as the company tightens costs and works to keep its revenue targets in sight. Regardless, it’s good to see Snap taking its commitments seriously, building a broader, systematic process to help address these key goals.
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