Thndr Claps » U.S. Claps » Tech 📲 » Snap stock collapses following Q3 earnings 📉
The ClapSnap (NYSE: SNAP) recorded revenues of $1.13 billion and adjusted EPS of 8 cents, less than expected during Q3 2022.
The DeetsSnap’s revenues grew by 6%, the company’s lowest growth level ever achieved since it went public in 2017.
Snap recorded a net loss of $360 million, with a $155 million restructuring charge having a strong impact.
In addition to that, Snap did not give a forecast for the coming quarter, the second consecutive time it has chosen not to.
Why this MattersSnap dropped more than 26% in after-hours following the earnings report.
Related NewsEarlier this year, Snap announced that it will be cutting 20% of its workforce.
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