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Snap Revenue Falls Amid Efforts To Retool Ad Business

Published by: dailynews
Published on:

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.