Snap (NYSE:SNAP) reported revenues of $1.30 billion in Q4 2022, lower than analysts’ expectations.
The company did manage to outperform expectations on the bottom line, reporting an EPS of 14 cents vs 11 cents expected. A difficult macroeconomic environment has forced many businesses to cut spending, with the digital ad business being one of the biggest industries hurt by this.
Snap and other big tech companies have struggled significantly in 2022. This is Snap’s third quarter in a row reporting poor earnings.
Snap’s stock tumbled around 15% in after-hours trading following the earnings report.