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In need of growth, Snap is having a crisis of confidence

The financial picture Snap CEO Evan Spiegel painted at the end of the third quarter spooked investors. Shares in the parent company of video app Snapchat fell more than 30% at the Wall Street open on Friday. Revenue rose just 6% to $1.1 billion in the July-September period, the company’s weakest quarterly revenue growth since going public in 2017. There has been a slowdown for several quarters now.

Worse, while its daily active user base grew by 16 million during the quarter (363 million in total), revenue per capita fell 11% to $3.11. Its lowest level since early 2021. The structural difficulties caused by Apple’s change in ad tracking rules (App Tracking Transparency) since the spring of 2021 are now combined with a decrease in the digital advertising market and competition. ..

Source: Le Figaro

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