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Search resuls for: "Snapchat’s"


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☆ Snap stock falls nearly 25% after revenue hit by shrinking advertiser budgets
  + stars: | 2022-10-20 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +2 min
In a letter to investors, Snapchat’s parent company said its revenue growth was slowed by several factors, including growing competition and jitters from the advertisers who make up its core business. Shares of Snap fell nearly 25% in after hours trading following the earnings report. In late August, Snap announced plans to lay off some 20% of its more than 6,400 global employees, or more than 1,200 staffers. Much of that loss ($155 million) came from restructuring charges related to layoffs. Snap declined to provide financial guidance for the final three months of the year.
☆ Tech earnings are coming and they probably won’t be pretty
  + stars: | 2022-10-20 | by ( Clare Duffy | ) edition.cnn.com   time to read: +5 min
Apple (AAPL), Amazon (AMZN), Facebook (FB)-parent Meta, Microsoft (MSFT), Twitter (TWTR) and Google-parent Alphabet (GOOGL) will each report earnings results the following week. “People probably should be bracing themselves for these results,” said Scott Kessler, technology global sector lead at research firm Third Bridge Group. Rampant inflation is eating away at consumers’ paychecks and reducing their ability to spend freely on tech products and services. To make matters worse, tech companies must also confront the growing strength of the US dollar, which is currently trading at its highest level in two decades. Many of the issues currently weighing on tech companies are unlikely to let up anytime soon, which is why industry watchers will be paying close attention to the guidance these companies offer for the rest of 2022.
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