Snap posted its weakest-ever quarterly sales growth as a public company, highlighting the extent of the upheaval the digital-advertising market is suffering from economic turmoil and other factors.
The parent company of popular photo-sharing social-media app Snapchat on Thursday said that revenue for the April through June period was $1.11 billion, narrowly missing scaled-back Wall Street expectations, according to analysts surveyed by FactSet. The 13% year-over-year sales growth in the second quarter was even lower than what the company registered early in the pandemic, when it slipped to 17%, and Snap said sales in the current period so far were roughly flat from a year ago.