Snap reported its weakest quarterly sales growth as a public company, underscoring the extent of the upheaval the digital advertising market is suffering from economic turmoil and other factors.
The parent company of popular social media photo-sharing app Snapchat said Thursday that revenue for the April-June period was $1.11 billion, slightly below Wall Street expectations, according to analysts polled by FactSet. Sales growth of 13% year-over-year in the second quarter was even lower than what the company posted at the start of the pandemic, when it fell to 17%, and Snap said sales in the current period so far were roughly flat for a year before.
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