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Snap misses revenue estimate, shares plunge 30%

Economic TimesEconomic Times · 10m
Snap misses revenue estimate, shares plunge 30%

Snap missed Wall Street estimates for quarterly revenue, causing its shares to plummet by 30%. The struggle to compete with larger rivals such as Facebook and Google for digital advertising revenue has raised concerns about Snap's ability to capitalize on the market. Despite a healthy advertising market, Snap has not demonstrated its ability to leverage it effectively. The company plans to focus on serving advertisers seeking sales and website clicks rather than just brand awareness. Snap's user growth remains stagnant in North America, while Europe saw only a modest increase. The company expects its daily active users to reach 420 million and forecasts first-quarter revenue between $1.1 billion and $1.14 billion. However, Snap's disappointing results caused its shares to drop significantly.

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