Snap is also giving up its office lease in San Francisco, a person familiar with the matter told Insider. The company is is focused on monetizing users, revenue growth, and getting more older users onto the app, sources told Insider, with its advertising department operating in a "code red" mode. Spiegel said in May that Snap was slowing down hiring, before introducing sweeping layoffs that covered around 20% of staff and shutting down projects. This comes amid struggles with its advertising business as well as its user growth appearing to stagnate. The number of daily active users on Snapchat is still growing, reaching 363 million as of the end of September with 19% year-over-year growth, but the rate of growth is slowing down. The loss included $155 million in restructuring charges, it said. Snap, Snapchat's parent company, posted a net loss of $360 million for the third quarter, up from a $72 million loss during the same quarter in the previous year.
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