Revenue drops 7% to $988.6 million from $1.06 billion a year ago.
Snap Inc.’s stock plunged more than 20% in extended trading Thursday after the social-media company reported a decline in revenue.
“We are working to accelerate our revenue growth and we are using this opportunity to make significant improvements to our advertising platform to help drive increased return on investment for our advertising partners,” Snap Chief Executive Evan Spiegel said in a statement announcing the results. Snap... Snap Inc.’s stock plunged more than 20% in extended trading Thursday after the social-media company reported a decline in revenue.
“We are working to accelerate our revenue growth and we are using this opportunity to make significant improvements to our advertising platform to help drive increased return on investment for our advertising partners,” Snap Chief Executive Evan Spiegel said in a statement announcing the results. Snap SNAP , which announced a slew of AI products last week, reported a fiscal first-quarter net loss of $328.7 million, or 21 cents a share, compared with a net loss of $359.6 million, or 22 cents a share, in the year-ago quarter. Adjusted earnings were a penny a share.Analysts surveyed by FactSet had expected on average a net loss of a penny a share on revenue of $1 billion.
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