The trio first launched the app in July 2011 under the name Picaboo. Spiegel, Murphy, and Reggie Brown met at Stanford University. 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. One case filed this July in Los Angeles Superior Court was brought by two Illinois residents, who claimed they didn’t consent to Snapchat’s collection of personal facial recognition data. Spiegel said in May that Snap was slowing down hiring, before introducing sweeping layoffs that covered around 20% of staff and shutting down projects. Munger Tolles has served as legal counsel to Snapchat this year, according to Bloomberg Law’s litigation analytics, although Spiegel wasn’t on the docket. 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. Snapchats CEO Evan Spiegel few days ago quoted(As Alleged) that he doesnt want to expand his business in Poor countries like India and Spain. Snapchat launched in 2011, and quickly became all the rage among college students. The loss included $155 million in restructuring charges, it said. Spiegel left Stanford in 2012 just a few classes shy of receiving his degree to focus on Snapchat. 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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