Snap shares plunge 30% in the wake of quarterly loss, layoffs ...Middle East

By Clare Duffy, CNN New York (CNN) — Shares of Snapchat parent Snap plunged on Tuesday after the company reported a loss in the final three months of 2023. Snap reported a net loss of $248 million for the December quarter, an improvement from the same period in the prior year and a narrower loss than Wall Street analysts had expected. Still, shares fell as much as 30% in after-hours trading Tuesday. The company also said revenue from the quarter grew 5% year-over-year to $1.36 billion, its second consecutive quarter of revenue gains after two earlier quarters of declines last year. CEO Evan Spiegel attempted to strike an optimistic tone in the company’s earnings release, saying, “20

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Last updated : 07 February 2024 clock 12:44 AM

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Snap shares plunge 30% in the wake of quarterly loss, layoffs ...Middle East

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