{"id":1565213,"date":"2022-07-21T18:04:43","date_gmt":"2022-07-21T22:04:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1565213"},"modified":"2022-07-21T18:04:55","modified_gmt":"2022-07-21T22:04:55","slug":"snap-misses-revenue-targets-as-growing-competition-slows-growth-shares-fall","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/snap-misses-revenue-targets-as-growing-competition-slows-growth-shares-fall\/","title":{"rendered":"Snap misses revenue targets as growing competition slows growth, shares fall"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsnap-misses-revenue-targets-as-growing-competition-slows-growth-shares-fall%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1565213&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Sheila Dang<\/p>\n<p>(Reuters) -Snap Inc missed second-quarter revenue targets on Thursday as record-high inflation and increasing competition from rival apps like TikTok hurt advertising demand, but it  reported higher user growth than Wall Street had expected. <\/p>\n<p>Shares of Snap dropped 21% in trading after the bell. <\/p>\n<p>The Snapchat owner is the first of the major tech firms to report second-quarter earnings, and the results could be a bellwether of conditions also affecting Facebook owner Meta Platforms Inc, which reports results next week, and Twitter Inc, which reports on Friday.<\/p>\n<p>\u201cWe are not satisfied with the results we are delivering, regardless of the current headwinds,\u201d Snap said in prepared remarks released ahead of a conference call with analysts.<\/p>\n<p>Revenue for the second quarter ended June 30 was $1.11 billion, an increase of 13% from the prior-year quarter. The figure missed analyst expectations of $1.14 billion, according to IBES data from Refinitiv.<\/p>\n<p>Recent privacy changes on iPhones, macroeconomic challenges and increasing competition for advertising dollars all contributed to \u201csubstantially slowed\u201d revenue growth, Snap said. <\/p>\n<p>The Santa Monica, California-based company said it intended to significantly slow hiring, invest in its advertising business and find new sources of revenue, in order to grow at a faster pace. <\/p>\n<p>Daily active users on Snapchat rose 18% year-over-year to 347 million, beating consensus estimates of 344 million users.<\/p>\n<p>Snap said revenue so far in the current third quarter is flat compared with the prior year, but did not provide revenue guidance because \u201cforward-looking visibility remains incredibly challenging.\u201d<\/p>\n<p>Investors are expecting the slowest-ever pace of growth for social media ad revenue this year, as increasing competition from TikTok and Apple Inc in advertising could compound economic conditions.<\/p>\n<p>Snap on Thursday also announced a share repurchase program of up to $500 million. <\/p>\n<p> (Reporting by Sheila Dang in DallasEditing by Matthew Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2729047\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6K10R-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6K10R-VIEWIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2729051\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6K100-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6K100-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Sheila Dang (Reuters) -Snap Inc missed second-quarter revenue targets on Thursday as record-high inflation and increasing competition from rival apps like TikTok hurt advertising demand, but it reported higher<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1565213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1565213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1565213"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1565213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1565213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1565213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1565213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}