Tuesday, May 24, 2022

Snap Misses Targets, Punished On Wall Street

Santa Monica-based Snap was down almost 40% in morning trading on this morning, after reporting that it will miss this quarter's revenue goals. According to a statement from Snap, the miss comes because the "macroeconomic environment has deteriorated further and faster than anticipated." The company's declining fortunes reportedly come as a result of a slowdown in advertising revenue.