![]() Snap has scheduled an investor day for Feb. The latter had previously been a significant part of the company’s pitch to advertisers. Last summer, the company laid off 20% of its workforce (about 1,300 staffers) and abandoned projects like drone camera Pixy and original short-form programming. While all tech companies were put through the wringer in 2022 and established social players have taken licks from surging TikTok, Snap felt more pain than most as its shares fell more than 80%. Those figures reflected softness in the broader advertising marketplace, ringing alarm bells for a number of tech and media players with ad exposure. The latest report follows a disastrous set of quarterly numbers in the third quarter, whose release last October sent shares in Snap plummeting almost 30%. Aside from a prolonged runup in 2020 and early 2021, the stock has largely remained well below its initial public offering price in February 2017. Shares in Snap, which had gained ground in the home stretch of the regular trading day to finish up 4%, dropped more than 13% after the earnings release. “We anticipate that the operating environment will remain challenging, as we expect the headwinds we have faced over the past year to persist throughout Q1,” the company said in its quarterly letter to investors. Growth in the current first quarter of 2023 will slow, putting the total at 382 million to 384 million, the company projected. Twitter Is Worth Just One-Third Of What Elon Musk And Co-Investors Paid For It In 2022, According To New Fidelity Reportĭaily active user levels for Snapchat matched the Street’s expectation, rising to 375 million from 363 million in the third quarter.
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