Snap posts weakest sales in its history and sends shares plummeting after hours

Instantaneous posted its weakest quarterly sales growth as a public company, underscoring the extent of the disruption the digital advertising market is undergoing due to economic turmoil and other factors.

The parent company of popular photo-sharing app Snapchat said Thursday that revenue for the April-June period was $1.11 billion, narrowly missing Wall Street’s lowered expectations, analysts said. by FactSet. The 13% year-over-year sales growth in the second quarter was still lower than what the company saw at the start of the pandemic, when it fell to 17%, and Snap said sales of the current period had so far been more or less stable for a year. from.

Leave a Comment