Snap plunges 25% in the stock market after the close due to disappointing results - Business

Snap plunges 25% in the stock market after the close due to disappointing results – Business

Snap, the parent company of the Snapchat application, lost more than 25% in electronic trading after the close of trading on Thursday, due to disappointing quarterly results.

The popular youth platform gained users and its revenue grew in the second quarter, but the company said it was “not happy” with its performance in a note to investors.

Snapchat had 347 million daily active users at the end of June, 18% more than a year ago, according to a press release from the Californian group.

He also specifies that he continues to attract more people in all regions of the world, including in North America and Europe, where certain entertainment platforms are nevertheless facing the beginning of saturation.

Snap is also doing well in terms of revenue, with a turnover of 1.1 billion dollars (+13% over one year). But its net losses widened to 422 million, from 152 million last year.

“The steady growth of our community enhances our long-term opportunities, but our financial results in the second quarter do not reflect the extent of our ambition,” the executives said.

“We are not satisfied with our performance, whatever the difficulties linked to the current economic environment,” they added, referring to galloping inflation, in particular.

The popular youth platform gained users and its revenue grew in the second quarter, but the company said it was “not happy” with its performance in a note to investors. Snapchat had 347 million daily active users at the end of June, 18% more than a year ago, according to a press release from the Californian group. He also specifies that he continues to attract more people in all regions of the world, including in North America and Europe, where certain entertainment platforms are nevertheless facing the beginning of saturation. Snap is also doing well in terms of revenue, with a turnover of 1.1 billion dollars (+13% over one year). But its net losses widened to 422 million, from 152 million last year. “The steady growth of our community enhances our long-term opportunities, but our financial results in the second quarter do not reflect the extent of our ambition,” the executives said. “We are not satisfied with our performance, whatever the difficulties linked to the current economic environment,” they added, referring to galloping inflation, in particular.

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