Shares tumble as Snap Inc. whiffs on earnings and user growth

Snap is having a very rough go of it. The Snapchat parent reported revenue of $207.9 million, compared to $128.2 million in Q3 of 2016. But analysts had projected that Snap would take in $237 million. All told, the company’s net losses amounted to $443.2 million. Snap also underperformed when it came to user growth. The company added 5 million monthly active users during the quarter – significantly fewer than the 8 million that Wall Street had predicted. CEO Evan Spiegel told investors that the underwhelming revenue numbers were the result of “dramatically reduced pricing” for Snap’s new programmatic ad units. The company’s shares took a beating after the announcement, falling by over 17% in after-hours trading.

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