Shares in Snapchat's parent company plunged more than 26 per cent on Thursday on a quarterly earnings report that showed revenue was slowing as online advertisers tighten budgets. In what could be a harbinger of pain to come for other tech firms like Google and Meta that rely on digital ads to make their money, Snap said that revenue in the recently ended quarter grew just 6 per cent to $1.13 billion when compared to the same period the previous year. Snap reported that it lost $360 million in the quarter, compared with a $72 million loss in the third quarter of last year. That came despite the number of daily users climbing 19 per cent to 363 million in the same year-over-year comparison, Snap reported. Snap shares were down some 26 per cent to $7.97 in after-market trades. Snap chief executive Evan Spiegel said in the earnings report that the user growth "expands our long-term opportunity as we navigate this volatile macroeconomic environment." The loss in the recently ended quarter included $155 million in restructuring charges. Snap in August confirmed a plan to cut 20 per cent of staff, as the photo-centric messaging app worked to dig itself out amid competition and...
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