Snap Plunges By Most in Six Months After Posting Revenue Decline
- Company reported its first decline in quarterly revenue
- ‘Continued disruption in demand’ expected to continue
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Snap Inc. slid by the most in more than six months after reporting its first-ever decline in quarterly revenue, signaling that a broader pullback in advertising will continue to weigh on earnings.
The maker of the Snapchat app saw revenue fall 7% to $988.6 million in the first quarter, according to a statement filed on Thursday, falling well below the $1 billion average estimate from analysts.