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Snap stock sinks nearly 20% on revenue miss

Earnings Results Last Updated: April 27, 2023 at 9:12 p.m. ET First Published: April 27, 2023 at 4:22 p.m. ET Snap says sales demand in the first quarter was ‘disrupted’ by changes it made to its ad platform to drive more click-through conversions Snap Inc. Chief Executive Evan Spiegel Getty Images Snap Inc.’s stock plunged
Financial Press

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Earnings Results

Snap says sales demand in the first quarter was ‘disrupted’ by changes it made to its ad platform to drive more click-through conversions

Snap Inc. Chief Executive Evan Spiegel

Getty Images

Snap Inc.’s stock plunged more than 18% in extended trading Thursday after the social-media company reported a decline in revenue as it retools its ad platform.

Revenue dropped 7% to $988.6 million, from $1.06 billion a year ago. Analysts surveyed by FactSet had expected on average a net loss of a penny a share on revenue of $1 billion.

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