SAN FRANCISCO, July 22 — Shares of Snapchat-parent Snap lost a quarter of their value in after-hours trades on Thursday following release of dismal quarterly earnings figures.
“We are also seeing increasing competition for advertising dollars that are now growing more slowly,” Snap said. “Our revenue growth has substantially slowed, and we are evolving our business and strategy to adapt.” The number of people using Snapchat daily grew 18 per cent to 347 million from the same quarter a year ago, Snap reported.
Snap in February reported its first quarterly profit, but two months later warned that it saw the economic outlook as having darkened considerably.
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