Snap shares tank as inflation hurts ad spending
2 years, 2 months ago

Snap shares tank as inflation hurts ad spending

The Hindu  

Snap Inc. on Thursday posted its slowest revenue growth since going public five years ago as advertisers cut spending amid rising inflation and the war in Ukraine. The owner of photo messaging app Snapchat is the first of the major tech firms to report quarterly earnings, and the results cast a shadow for other platforms that rely on advertising revenue such as Facebook owner Meta Platforms Inc., Alphabet's Google and Pinterest, which report their results next week. The Santa Monica, California-based company said it would refocus on growing its user base, diversifying its revenue sources and investing in augmented reality technologies, which overlay computerised images onto the real world. Snap said advertising revenue has historically followed the growth and engagement of its user base, and "we remain optimistic about our long-term opportunity."

Revenue Quarter Snap  spending  inflation  snap  billion  ad  tank  snapchat  hurts  platforms  shares  advertising  million  quarter  results  revenue  company

History of this topic

Snap shares see biggest drop in a year after holiday sales disappoint
10 months, 2 weeks ago

Snap shares see biggest drop in a year after holiday sales disappoint

LA Times  

Snap Inc. plunged by the most in more than a year Wednesday. Snap Inc. plunged by the most in more than a year after the Snapchat app owner reported lower-than-projected revenue over the peak holiday season, disappointing investors just a week after much-larger rival Meta Platforms Inc. posted its best sales growth in two years. Snapchat had 414 million daily …

Snap is cutting 10% of staff as social media cope with ad slump
10 months, 2 weeks ago

Snap is cutting 10% of staff as social media cope with ad slump

LA Times  

The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 540 employees. Snap Inc. is reducing its workforce by roughly 10% worldwide, joining the chorus of technology companies that have announced fresh rounds of cuts since the start of the year. “The layoffs don’t bode well for the state of Snap’s business” ahead of its fourth-quarter …

Google, Snap results show popularity of short-form videos waning
1 year, 1 month ago

Google, Snap results show popularity of short-form videos waning

The Hindu  

If the third-quarter earnings of Google and Snap are anything to go by, short-form video content is starting to stagnate, a report by The Information stated. Snap, the parent company of multimedia instant messaging app Snapchat didn’t give the breakdown of the monthly active users of its short-form video feature Spotlight. During its second quarter earnings, the company had stated …

Snap beats revenue and user estimates, offers softer Q3 outlook
1 year, 4 months ago

Snap beats revenue and user estimates, offers softer Q3 outlook

The Hindu  

Photo messaging app-owner Snap Inc. on Tuesday beat Wall Street targets for quarterly revenue and user growth, but gave weaker third quarter guidance than analysts had expected as it works to compete with tech giants for advertising dollars. Changes to its platform to adjust Earlier this year, Snap updated its machine learning model to serve more relevant promotions to users, …

Alphabet, Meta lure back advertisers as smaller rivals struggle
1 year, 7 months ago

Alphabet, Meta lure back advertisers as smaller rivals struggle

The Hindu  

Advertisers are sticking with safe havens Alphabet and Meta Platforms in an uncertain economy, their quarterly results showed, likely helping the tech giants take market share away from smaller digital ad sellers such as Snap Inc. This year, though, the social media ad market is expected to grow at a slightly faster pace than in 2022, according to a report …

Google’s persistent ad slump weighs on Alphabet’s 1Q results
1 year, 7 months ago

Google’s persistent ad slump weighs on Alphabet’s 1Q results

Associated Press  

SAN FRANCISCO — Google’s advertising malaise persisted during the first quarter while the internet company also grapples with advancements in artificial intelligence technology that threaten to undercut its dominant search engine. An unprecedented downturn in Google’s digital ad revenue – the company’s main moneymaker for more than 20 years – came into sharper focus Tuesday with the release of the …

Big Tech earnings show digital ads market is still shaky
1 year, 10 months ago

Big Tech earnings show digital ads market is still shaky

The Hindu  

After a challenging 2022 in which advertising-dependent companies faced shrinking budgets and cratering stock prices, fourth-quarter results this week from Alphabet, Meta Platforms and Snap showed they were not yet in the clear. Google-owner Alphabet Inc. on Thursday reported a slight fall in quarterly ad revenue, missing Wall Street expectations and surprising investors as the world's largest digital ad platform …

Alphabet’s revenue miss fans fears of economic slowdown
2 years, 2 months ago

Alphabet’s revenue miss fans fears of economic slowdown

Al Jazeera  

The negative results reinforced worries that inflation will continue to hurt advertising spending. Google parent Alphabet Inc has missed Wall Street estimates for quarterly revenue as advertisers cut back on spending in the face of an economic slowdown. Last week, smaller rival Snap Inc’s slowest-ever revenue growth rate sent inflation fears through the tech sector and temporarily wiped out $40bn …

Snap shares tank 25% as inflation hits ad spend
2 years, 2 months ago

Snap shares tank 25% as inflation hits ad spend

Al Jazeera  

Snap lost $4bn of its market cap in after-hours trading as it posted its slowest revenue growth in five years. The owner of photo-messaging app Snapchat, Snap Inc, has posted its slowest revenue growth since going public five years ago as advertisers cut spending amid rising inflation and the war in Ukraine. Snap is the first of the big tech …

Snap to cut 20% of staff, cancel Pixy, Zenly, Voisey projects in cost-cutting effort
2 years, 3 months ago

Snap to cut 20% of staff, cancel Pixy, Zenly, Voisey projects in cost-cutting effort

The Hindu  

Snap Inc. said on Wednesday it will lay off 20% of all staff and shut down projects, including mobile games and novelties like a flying drone camera, as high inflation and a deteriorating economy ravage the advertising industry. Shares in Santa Monica, California-based Snap closed down 2.5% at $10 on Tuesday after The Verge first reported Snap's plans for layoffs, …

Snap cutting 20% of staff as ad sales continue to dry up
2 years, 3 months ago

Snap cutting 20% of staff as ad sales continue to dry up

Associated Press  

— The parent company of social media platform Snapchat said Wednesday that it is letting go of 20% of its staff as it reorganizes and tries to reduce costs in the face of declining ad sales. In a letter to staff posted on Snap Inc.'s website, CEO Evan Spiegel said sales were not keeping up with earlier projections. Last fall, …

Snap, Twitter spark new fears of broader advertising-market decline
2 years, 5 months ago

Snap, Twitter spark new fears of broader advertising-market decline

Live Mint  

Snap Inc. and Twitter Inc. partly blamed advertising-industry headwinds for their poor quarterly results this week, renewing concerns of a broader slowdown in the online-ad market as its largest players are getting ready to report next week. “We’re seeing the overall advertising pie grow at a slower rate," Derek Andersen, Snap’s chief financial officer, told analysts Thursday after the parent …

Twitter blames Musk, weak ad market for drop in revenue
2 years, 5 months ago

Twitter blames Musk, weak ad market for drop in revenue

The Hindu  

Twitter, which has sued Musk for dropping his offer to buy the company, said advertising revenue rose just 2% to $1.08 billion. The company's results come after Snapchat parent Snap Inc posted weak results and declined to make a forecast, citing "incredibly challenging" conditions as advertisers cut back on spending. Twitter and its peers, including Snap and Alphabet, saw an …

Snap Misses Revenue Targets as Growing Competition Slows Growth
2 years, 5 months ago

Snap Misses Revenue Targets as Growing Competition Slows Growth

News 18  

-Snap Inc missed second-quarter revenue targets on Thursday as record-high inflation and increasing competition from rival apps like TikTok hurt advertising demand, but it reported higher user growth than Wall Street had expected. Recent privacy changes on iPhones, macroeconomic challenges and increasing competition for advertising dollars all contributed to "substantially slowed" revenue growth, Snap said. Snap said revenue so far …

Snap’s report incinerates $80 billion in ad industry market cap
2 years, 5 months ago

Snap’s report incinerates $80 billion in ad industry market cap

The Hindu  

Facebook-owner Meta Platforms, Google-owner Alphabet, and other companies that sell online ads lost about $80 billion in combined stock market value on Thursday after Snap posted poor quarterly results and warned of an uncertain outlook. Slammed by a weakening economy, increased competition from TikTok, and recent privacy changes on iPhones, the Snapchat owner missed second-quarter revenue targets and warned that …

Alphabet misses on revenue as YouTube falls short, inflation pressures ad sales
2 years, 7 months ago

Alphabet misses on revenue as YouTube falls short, inflation pressures ad sales

The Hindu  

Google parent Alphabet Inc on Tuesday reported first-quarter revenue below expectations as YouTube sharply missed Wall Street targets and ad sales were pressured by supply-chain and inflation concerns and the war in Ukraine. Alphabet said first-quarter sales were $68.01 billion, 23% higher than last year but below the average estimate of $68.1 billion among financial analysts tracked by Refinitiv, its …

Snap warns inflation could hit growth, shares drop 10%
2 years, 8 months ago

Snap warns inflation could hit growth, shares drop 10%

The Hindu  

Snap Inc reported better-than-expected first-quarter user growth on Thursday while it missed expectations on revenue, as the parent company of Snapchat said supply-chain disruptions and the invasion of Ukraine hurt advertising demand. The company warned that inflation, labour shortages and other economic challenges may continue and predicted its revenue growth rate in the second quarter could be hurt. The Santa …

Digital ad minnows Snap, Pinterest soar past giant Meta
2 years, 10 months ago

Digital ad minnows Snap, Pinterest soar past giant Meta

The Hindu  

For years, investors have wondered about the long-term prospects for Snap Inc and Pinterest Inc, smaller digital ad players which have had to pick up the ad dollar scraps left over from giant tech rivals. This week, David triumphed over Goliath as Snap and Pinterest reported financial results that demonstrated how their smaller size, different advertiser base and relatively newer …

Snap stock soars 58% after posting profit for 1st time
2 years, 10 months ago

Snap stock soars 58% after posting profit for 1st time

Associated Press  

Investors are snapping up shares of Snap Inc. after the owner of the disappearing message platform Snapchat surprised Wall Street by posting a quarterly profit for the first time. The stock jump came Thursday after Facebook parent Meta saw its worst one-day stock price decline in its history, showing that while internet and social media companies are sometimes lumped together …

Snap shares drop 25% as revenue falls short
3 years, 2 months ago

Snap shares drop 25% as revenue falls short

The Hindu  

Snap Inc on Thursday fell short of Wall Street estimates for quarterly revenue as the company said privacy changes implemented by Apple Inc on iOS devices hurt the company's ability to target and measure its digital advertising, sending its shares down 25%. While the Apple privacy updates, which prevent digital advertisers from tracking iPhone users without their consent, were expected …

Snap’s stock drops as iPhone privacy controls pinch ad sales
3 years, 2 months ago

Snap’s stock drops as iPhone privacy controls pinch ad sales

Associated Press  

SANTA MONICA, Calif. — Snapchat’s corporate parent disclosed Thursday that its ad sales are being hurt by a privacy crackdown that rolled out on Apple’s iPhones earlier this year, raising investor fears that the app’s financial growth is going into a tailspin. The revelation in Snap Inc.'s third-quarter earnings report sparked a sell-off in after-hours trading that could foreshadow one …

Pinterest, Snap benefit as advertisers move away from Facebook
4 years, 1 month ago

Pinterest, Snap benefit as advertisers move away from Facebook

The Hindu  

Pinterest Inc. and Snap Inc. said their revenues grew in the September ending quarter, aided by rise in advertising incomes. Image-sharing platform Pinterest’s overall revenue grew nearly 60% in the quarter compared with the same period last year. Multimedia company Snap said its revenue grew by more than 50% in the same quarter, owing to an increase in brand advertising …

Wall Street update: US stocks mostly up in choppy trading after GDP data
4 years, 1 month ago

Wall Street update: US stocks mostly up in choppy trading after GDP data

Live Mint  

The S&P 500 and Nasdaq were set to open higher on Thursday after data showed domestic economy grew at an unrivaled pace in the third quarter as the government poured out more than $3 trillion worth of pandemic relief. Democratic challenger Joe Biden holds a comfortable lead over President Donald Trump in national polls, but the race in battleground states …

Discover Related