Snap Inc. experienced a 15% drop in shares following a disappointing second-quarter earnings report. The company's earnings per share were a loss of 16 cents, and revenue was reported at $1.34 billion, just below Wall Street's expectation of $1.35 billion. Snap had 469 million global daily active users, slightly exceeding expectations, but its global average revenue per user (ARPU) was $2.87, below the anticipated $2.90. The CEO attributed the shortfall to a problematic update to the advertising platform, the timing of Ramadan, and trade policy effects. Snap's net loss was recorded at $262.6 million, larger than $248.6 million from the previous year.
Evan Spiegel, CEO of Snap Inc., announced a weaker-than-expected earnings report for the second quarter, resulting in a 15% drop in shares.
Snap's revenue was reported at $1.34 billion, slightly below the $1.35 billion analysts expected, demonstrating challenges in achieving revenue growth.
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