Snap Inc., the parent company of Snapchat, has appointed Ajit Mohan, who previously served as the head of Asia Pacific, as the new chief business officer of the social networking platform. Mohan joined Snap two years ago and has played a significant role in the company’s growth in the region. According to the company’s quarterly investor letter, Mohan will oversee the expansion of Snap’s advertising business globally and will lead the revenue product and business operations teams to enhance collaboration with advertising partners.
During his tenure in the APAC role, Mohan was instrumental in rapidly increasing Snap’s business presence in the area. Prior to joining Snap, he held the position of vice president and managing director at Meta for nearly four years and was the CEO of Hotstar, now known as Disney+ Hotstar. Mohan also contributed to Star India’s television business in various senior roles, including senior vice president and executive vice president, and has experience with consulting firms McKinsey and Arthur D. Little.
In its latest financial report, Snap announced a 14% year-on-year revenue increase, reaching $1.56 billion for the quarter ending in December. The company also noted a remarkable 70% rise in revenue from in-app purchases compared to the previous year. Snap plans to roll out two new advertising features, ‘Sponsored Snaps’ and ‘Promoted Places’, in additional countries and will begin testing a feature aimed at facilitating direct purchases from ads.
Following the announcement and the positive financial results, Snap’s stock price surged by 3.85% to $11.60 on the NYSE. The company is focusing on expanding and diversifying its advertising business, particularly in augmented reality, as it competes with major players like Instagram, Meta Platforms, and TikTok for advertising revenue.
