The figure grew 13% from the prior-year quarter. Snap’s revenue for the second quarter ending on 30 June was $1.11bn (£930m), missing analyst expectations of $1.14bn, which pushed its shares down by a quarter to $12.33. Snap, which generates more than two-thirds of its revenue in North America, said some advertisers continued to face supply-chain disruptions and labour shortages, and many others were contending with rising costs amid record inflation, which has led to cuts in spending on advertising.
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