Snap plunges 30% on revenue miss and light guidance, as company says Middle East war creates 'headwind'
Publishing timestamp: 2024-02-06 18:33:25
Summary
Snap reported fourth-quarter revenue that missed estimates and issued a disappointing forecast. The company attributed some of its weakness to the conflict in the Middle East. Snap's stock plunged 30% in extended trading. The company has struggled to rebound from a downturn in the digital ad market and has reported six straight quarters of single-digit growth or sales declines. Snap also announced workforce cuts and disclosed sales in its Snapchat+ subscription service.
Sentiment: NEGATIVE
Tickers: GOOGL, AMZN, GOOG, SNAP, META,
Keywords: snap inc, internet, alphabet inc, meta platforms inc, breaking news: technology, amazon.com inc, technology, alphabet class c, business news, social media, mobile,
Source: https://www.cnbc.com/2024/02/06/snap-earnings-q4-2023.html