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Snap shares plunge on weak revenue as digital ad struggles continue - TL;DR CNBC

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: GOOGLSNAPMETAPINSAAPLAMZN

Keywords: technologyinternetamazon.com incmeta platforms incbreaking news: technologybusiness newsmobileapple incsnap incsocial mediaalphabet class apinterest inc

Source: https://www.cnbc.com/2023/01/31/snap-earnings-q4-2022.html


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