Snap shares plunge on weak revenue as digital ad struggles continue
Publishing timestamp: 2023-01-31 18:05:31
Summary
Snap reported fourth-quarter revenue that trailed analysts' estimates, and its stock slid more than 14% in extended trading. The social media company had a rough year due to the slowing economy, platform policy changes, and increased competition. For the full year, sales rose 12% to $4.6 billion. Snap announced it would lay off 20% of its workforce and shelved several projects during the year. Meta shares dropped 2% after Snap's report.
Sentiment: NEGATIVE
Tickers: GOOGL, SNAP, META, PINS, AAPL, AMZN,
Keywords: technology, internet, amazon.com inc, meta platforms inc, breaking news: technology, business news, mobile, apple inc, snap inc, social media, alphabet class a, pinterest inc,
Source: https://www.cnbc.com/2023/01/31/snap-earnings-q4-2022.html