Previously, operating company Snap reported the slowest revenue growth and a significantly larger loss in the last quarter. Snap pointed to significant headwinds for business on Thursday, in part as advertisers cut their marketing budgets due to economic concerns.
Snap’s revenue grew 6% year over year to $1.13 billion last quarter. Quarterly loss expanded to $359.5 million from approximately $72 million a year ago. Meanwhile, the number of daily active users increased from 347 million to 363 million in three months.
Snap also points to increased competition for online ad spend with other services like Tiktok. Also, Apple’s measures to better protect privacy on iPhone still annoy Snapchat.
App operators should explicitly ask users for permission if they want to monitor their behavior across different apps. Many users have rejected it – and it has undermined numerous business models in online advertising.
Snap’s share price fell to about $8, down a good 25 percent in after-hours trading. At the beginning of the year, the paper was still over $40.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
