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Snap Plunges After Advertiser Slump Crushes Quarterly Sales

  • Results drag down shares of tech peers Meta and Alphabet
  • ‘We are not satisfied with the results we are delivering’
Updated on

Snap Inc. fell to its lowest level in more than two years after the company reported disappointing sales, roiled by a major slowdown in ad spending and rising competition for dwindling marketing dollars. Shares of Meta Platforms Inc. and Alphabet Inc. fell in tandem.

Second-quarter revenue grew 13% to $1.11 billion, the company said Thursday, falling short of analysts’ expectations for $1.14 billion. Snap told investors in May to disregard its initial growth guidance, which the company ultimately missed.