Snap Inc. saw revenue sputter a bit in the second quarter of 2022, tallying $1.111 billion, up 13 percent from the same quarter last year. (Adweek)
The 13 percent year-over-year sales growth in the second quarter was even lower than what the company registered early in the pandemic, when it slipped to 17 percent, and Snap said sales in the current period so far were roughly flat from a year ago. (WSJ)
Snap also posted a quarterly net loss of $422 million, compared to a $152 million loss in the same quarter last year. And daily active users grew 18 percent year-over-year to more than 347 million, a five percentage-point slowdown in growth rate from the year prior. (CNN Business)
In an investor letter, the company noted that the second quarter of 2022 “proved more challenging than we expected.” It cited platform privacy changes (likely a reference to Apple’s new app tracking transparency efforts), macroeconomic challenges and increased competition for the slowed revenue growth. (Axios)
Snap shares plummeted more than 25 percent in extended trading on Thursday, after the social media company reported disappointing second-quarter results—and said it plans to slow hiring as it reckons with weakening revenue growth. (CNBC)