Snap on Thursday reported revenue of US$1.13 billion for the three months ending in September, a slight 6 per cent increase from the year prior and less than Wall Street had expected, as the company confronts tightening advertiser budgets in an uncertain economy.
In a letter to investors, Snapchat's parent company said its revenue growth was slowed by several factors, including growing competition and jitters from the advertisers who make up its core business.
Snap helped set off a wave of anxiety among tech investors when it warned in May that the economy had worsened faster than it expected, cutting into its revenue and profit forecast for the quarter. In late August, Snap announced plans to lay off some 20 per cent of its more than 6,400 global employees, or more than 1,200 staffers.
Snap has also faced increasing competition from fast-growing competitors like TikTok, and is still navigating its digital ads business in the wake of privacy changes implemented by Apple that have made it more difficult for marketers to target users with ads.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Snap plunges on slowest sales growth as advertisers retreat - BNN BloombergSnap 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.
اقرأ أكثر »
Mullen Group reports $38M third-quarter profit, up from $17.5M a year ago - BNN BloombergMullen Group Ltd. reported its third-quarter profit more than doubled compared with a year ago as its revenue rose nearly 20 per cent.
اقرأ أكثر »
Voter fatigue, acclamations could spell low turnout in Ontario municipal elections | Globalnews.caVoter turnout across the province in the 2018 municipal elections hit a record-low 38 per cent, according to data dating back to 1982.
اقرأ أكثر »
Tesla misses third-quarter revenue estimatesTesla’s third-quarter automotive gross margin was 27.9 per cent, missing analysts’ estimates and down from 30.5 per cent a year earlier
اقرأ أكثر »