Published 1 year ago

Snap Warns of Sales Drop After Revenue Growth Stalls

Summary by Ground News

Snapchat's parent company reported stalled revenue growth and a large net loss for the final three months of 2022. Snap shares fell as much as 15% in after-hours trading following the report. The report marked the fourth straight quarter of net losses for Snap, which has suffered from increased competition in the social media market.

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CNN

Snap stock plunges 15% as revenue growth stalls

Snapchat's parent company reported stalled revenue growth and a large net loss for the final three months of 2022, as it confronts tighter advertiser budgets amid broader economic uncertainty.

1 year ago·Atlanta, United States

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KIFI

Snap stock plunges 15% as revenue growth stalls

By Clare Duffy, CNN Snapchat’s parent company reported stalled revenue growth and a large net loss for the final three months of 2022, as it confronts tighter advertiser budgets amid broader economic uncertainty. Snap’s quarterly revenue was just shy of $1.3 billion, essentially flat from the year prior. For the full year, Snap’s revenue grew 12%, a slower rate that the company attributed to “rapid deceleration in digital advertising growth.” Me…

1 year ago·Idaho Falls, United States

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