Snap Stock Plunges As Third-Quarter Results Set Off Alarms
October 23, 2022 | Science & Tech | No Comments|
Snap (SNAP) stock on Friday plunged to levels not seen in more than three years as the social media company reported third-quarter results that raised alarm bells among analysts.
“Our revenue growth continued to decelerate in the third quarter and continues to be impacted by a number of factors we have noted throughout the past year, including platform policy changes, macroeconomic headwinds and increased competition,” Snap said in its letter to shareholders.
Late Thursday, the Snapchat parent reported an adjusted loss of 8 cents a share on revenue of $1.13 billion. Analysts expected Snap to report a loss of 24 cents on revenue of $1.14 billion.