Snap Inc. shares tumbled about 14% on Wednesday after the company projected its first ever quarterly revenue decline, casting a shadow over other advertising-dependent businesses.
The Snapchat parent said sales are expected to drop as much as 10% in the current period from a year earlier amid a flurry of changes to its advertising products. In the fourth quarter, sales were flat at $1.3 billion, marking the first-ever quarter of no growth since the company went public six years ago.
