Friday, July 22, 2022

Snap Feels Headwinds, Misses Second Quarter Estimates

Venice, California-based Snap, the parent company of Snapchat, released its second quarter earnings on Thursday, reporting revenues of $1.11 billion--coming in well below previous guidance. The company had estimates 20 to 25 percent increase in revenues, but only reported a 13 percent growth. Snap said will be slowing its rate of hiring "substantially" as a result.