Snap’s shares fell sharply after it said an unprecedented revenue slump continued into a second straight quarter, as it worked to retool its advertising platform amid weakness in digital ads that has weighed on the social-media industry.
Snap, owner of Snapchat and the first major social platform to report quarterly results, on Tuesday said second-quarter sales slid 4% from a year earlier to $1.1 billion, narrowly beating expectations from analysts surveyed by FactSet. That followed a 7% decline in first-quarter revenue that was the first in Snap’s history as a listed company.
Snap’s net loss in the latest quarter narrowed more than 10% from a year earlier to $377 million, which also beat analysts’ expectations.
Read the full story on The Wall Street Journal here.