Slowed Snapchat parent earnings send shares off a cliff

  • 📰 eNCA
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

Shares in Snapchat's parent company plunged more than 26 percent 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 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.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 49. in BE

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Is this a regular bear market for cryptos, or will it be different this time?[NEW EPISODE] Marius Reitz from LunoGlobal gives an update on where we are in the crypto cycle, the ability to buy bundles of cryptos in a single purchase and more on CryptoPodcast with CiaranRyan. Download the Ep below. Moneyweb CryptoCurrency LunoGlobal FAIS has been updated to include the definition of crypto assets
La source: Moneyweb - 🏆 5. / 77 Lire la suite »

Central bank meetings leave stocks lower and bonds strongerAsian shares fell to their lowest since April 2020 as risk appetite among investors faded
La source: BDliveSA - 🏆 12. / 63 Lire la suite »