Snap reported its slowest quarterly sales growth ever, saying that a decline in advertising spending on the platform continues to drag on results.
Snap Inc. reported its slowest quarterly sales growth ever, saying that a decline in advertising spending continues to drag on results. Shares plunged more than 20 per cent in late trading.
Revenue growth “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 prepared remarks for investors. “We are finding that our advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds, inflation-driven cost pressures, and rising costs of capital.
Snap posted a net loss of US$360 million in the quarter, or 22 cents per share. The loss includes US$155 million in restructuring costs. The board also authorized a US$500 million share repurchase plan for its Class A stock over the next 12 months, Snap said.
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