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
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.