LOS ANGELES, California — Snap shares plunged more than 16 percent on Thursday when a disappointing financial outlook eclipsed a rise in users of the image-centric social network Snapchat.
California-based Snap said its loss in the recently ended quarter shrank to $249 million from $377 million in the same period a year earlier, while revenue grew to $1.2 billion from $1 billion.Snap touted hitting a milestone of more than 850 million monthly users in the quarter.'We continued to scale our advertising platform with active advertisers more than doubling year over year,' Snap Chief Executive Evan Spiegel said in an earnings release.
In recent years, the company has been challenged to compete for ad revenue against Meta's Instagram, Google-owned YouTube and TikTok.After its launch in 2011, Snapchat became a hit, particularly with young smartphone users, by letting people share photos or videos in messages that self-destruct after being viewed.It also innovated with the use of filters for shared content, but an expansion into hardware such as drones and eyeglasses failed to gain traction.
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