Snap shares drop 35% after company's revenue miss and weak guidance
Publishing timestamp: 2024-02-07 12:28:58
Summary
Snap shares dropped over 35% after the company missed revenue estimates and issued weak guidance in its fourth-quarter earnings report. This marks the sixth consecutive quarter of slow growth or sales declines for Snap. The company is struggling to rebound from a tough advertising market compared to competitors like Meta. Analysts have lowered their price targets for Snap and expressed concerns about its ad revenue and engagement. However, Snap's CEO remains optimistic about improved advertiser performance and increased revenue.
Sentiment: NEGATIVE
Keywords: evan spiegel, snap inc, meta platforms inc, breaking news: technology, amazon.com inc, technology, earnings, business news, social media, business,
Source: https://www.cnbc.com/2024/02/07/snap-stock-drops-30percent-after-revenue-miss-and-weak-guidance.html