Snap’s revenue growth slowest in over a year as competition, ad platform glitch hurt

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Snap on Tuesday reported its slowest quarterly growth in more than a year, hurt by a temporary glitch in its ad platform and advertiser preference for bigger rivals such as Meta, sending its shares down over 16% in extended trading.

The Snapchat-parent said it had resolved the error that unintentionally allowed some ads to run at much lower prices.

Snap faces tough competition from the likes of TikTok and Meta-owned Facebook and Instagram, with advertisers preferring the larger platforms as they curtail marketing budgets amid economic uncertainty….



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Snap’s revenue growth slowest in over a year as competition, ad platform glitch hurt



Snap on Tuesday reported its slowest quarterly growth in more than a year, hurt by a temporary glitch in its ad platform and advertiser preference for bigger rivals such as Meta, sending its shares down over 16% in extended trading.

The Snapchat-parent said it had resolved the error that unintentionally allowed some ads to run at much lower prices.

Snap faces tough competition from the likes of TikTok and Meta-owned Facebook and Instagram, with advertisers preferring the larger platforms as they curtail marketing budgets amid economic uncertainty….



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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