Snap posted a $422 million loss and “substantially” reduced rate of hiring in its Q2 earnings report released Thursday, prompting its share price to fall 26% in after-hours trading.Key Facts
But the numbers weren’t all bad. Snap earned $1.11 billion in revenue, slightly higher than the $1.06 billion it posted in the first quarter but slightly lower than Wall Street’s $1.14 billion estimate. Snap attributed the growing losses to decreased demand fueled by a downturn in advertising revenue and the broader market ills of inflation and rising interest rates.
Source: News Formal (newsformal.com)
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