Shares of the American social media company Snap, Inc. (SNAP) plunged 22% in the extended trading session on October 21 after the company posted weaker-than-expected revenue and Q4 guidance. Snap’s quarterly performance was impacted by changes to the iOS platform, which hampered its ability to target and measure digital advertising, as well as ongoing global supply chain and labor challenges. The company reported revenue of $1.07 billion, up 57% year-over-year but missed the consensus estimate of $1.1 billion. On a positive note, earnings stood at $0.17 per share, beating analyst estimates of $0.08 per share. In the year-ago period, Snap posted earnings of $0.01 per share.
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Snap (NYSE:SNAP)
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