Snap Quarterly Revenue Disappoints; Stock Tumbles
- Maker of Snapchat app is drawing in more daily users
- Snap pays $100 million to settle lawsuit related to IPO
Photographer: Andrew Harrer/Bloomberg
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Snap Inc. reported quarterly sales that missed Wall Street estimates, a sign that the photo-sharing app is finding it harder to carve out a niche in the crowded digital-advertising market. Shares slumped 12% in extended trading.
Fourth-quarter sales totaled $560.9 million, the company said Tuesday in a statement. That was less than analysts’ average projection of $562.9 million. Snap’s first-quarter revenue forecast also came in slightly below expectations.