Snap Says Advertising Revenue Buffeted by Effects of War in Iran

Snap Inc. projected sales in the current quarter that were in line with Wall Street estimates, while noting a key part of its business has been hampered by the war in the Middle East.

The maker of the Snapchat app said revenue will be $1.52 billion to $1.55 billion in the period ending in June. Analysts, on average, projected about $1.54 billion, according to data compiled by Bloomberg. But “geopolitical headwinds in the Middle East” have had a negative impact on its advertising business, the company said in a letter to shareholders, costing Snap between $20 million and $25 million in March alone.