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20 march, 2023
Snap shares plummeted more than 25% on Thursday after the social media company reported disappointing Q2 results and said it plans to slow hiring as it reckons with weakening revenue growth.
Snap reported a net loss of $422 million, compared to $152 million in the prior year, while adjusted EBITDA plummeted to just $7 million, compared to $117 million in the prior year.
We are not satisfied with the results we are delivering, regardless of the current headwinds,
The company said in its investor letter.
The company, however, did not provide a detailed outlook for Q3 since “forward-looking visibility remains incredibly challenging.” The company said that revenue so far in the period is “approximately flat” from a year earlier.
It is not the first time Snap gets in trouble with its outlook. In May, Snap said it wouldn’t meet the second-quarter guidance it set the prior month, leading to a 43% plunge in the share price. Snap cited a quickly deteriorating macroeconomic environment as the main reason.
At the same, the company reported that in Q2 daily active users increased 18% year-over-year to 347 million, with North America and Europe being among the highest-growing regions.
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