Reported 2 months ago
Snap Inc. projects weaker-than-expected revenue for the current quarter as it faces heightened competition from major players like Meta and TikTok, leading to an 18% decline in its stock after market hours. The company's advertising revenue has been impacted by a decrease in brand-oriented spending, particularly from sectors like retail and technology, while Snap's investment in augmented reality platforms aims to attract advertisers. Despite a modest growth in daily active users, the forecast for the upcoming quarter fell short of Wall Street estimates, raising investor concerns amid a challenging economic backdrop.
Source: YAHOO