The Clap
Snap (NYSE: SNAP) recorded revenues of $1.13 billion and adjusted EPS of 8 cents, less than expected during Q3 2022.
The Deets
Snap’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 Matters
Snap dropped more than 26% in after-hours following the earnings report.
Related News
Earlier this year, Snap announced that it will be cutting 20% of its workforce.
