Snap shares seesaw amid concerns about the war's effect on advertising
Publishing timestamp: 2023-10-24 17:56:05
Summary
Snap Inc. reported positive growth in Q3 with earnings per share beating expectations. The company highlighted cost-cutting efforts and a return to sales growth. However, the stock declined as news of advertisers pausing spending due to the war in the Middle East emerged. Snap's CEO announced the retirement of the chief operating officer and the authorization of a stock repurchase program. The company's GAAP net loss widened, but its subscription service, Snapchat+, gained more subscribers. Snap provided a sales forecast for the fourth quarter but cited the unpredictable nature of the war as a reason for not providing official guidance.
Sentiment: MIXED
Tickers: SNAP,
Keywords: business news, snap inc, social media, breaking news: technology, technology, mobile, evan spiegel, internet, earnings,
Source: https://www.cnbc.com/2023/10/24/snap-earnings-q3-2023.html