Slowed Snapchat parent earnings send shares off a cliff

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 percent to $1.13 billion when compared to the same period the previous year.

That came despite the number of daily users climbing 19 percent to 363 million in the same year-over-year comparison, Snap reported. Snap shares were down some 26 percent to $7.97 in after-market trades. A hit with young internet users in its early days, Snapchat has remained a small player in the social networking space as competition from other apps, such as TikTok, has grown ever more intense.

Like other social networks, Snap has taken a hit as advertisers have tightened their belts, as well as from new privacy changes by Apple that have bitten into firms' sales of costly but highly targeted ads.

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