Snap CEO’s leaked memo (NYSE:SNAP) dominated the social media headlines Friday as company boss Evan Spiegel revealed his plans for the future of Snapchat’s parent company.

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Here are seven things you should know about the Snap CEO’s leaked memo, including the fact that Spiegel appears to have learned from his past mistakes:

• The memo was 15 pages long and it was first reported by online news service Cheddar.
• Spiegel said that the Snapchat parent company is seeking to return to its roots with the hopes of achieving full-year profitability in its fiscal 2019.
• The memo added that the CEO admits that the company had been too aggressive in how it approached its Snapchat changes in the past, adding that he recognizes that the company needs “time to rest and reassess.”
• The Snap CEO’s leaked memo also noted that Spiegel believed the social media app had “rushed” its redesign as it succeeded in “solving one problem but creating many others.”
• “In our excitement to innovate and bring many new products into the world, we have lost the core of what made Snapchat the fastest way to communicate,” Spiegel wrote. “The biggest mistake we made with our redesign was compromising our core product value of being the fastest way to communicate.”
• He added that the company hopes to break even in the fourth quarter of 2018 and be profitable in fiscal 2019.

SNAP stock was gaining slightly today following the news of the leaked memo, rising about 0.3% as of late Friday afternoon.