Photo app Snap shocks investors with quarterly figures. In a first reaction to the latest quarterly figures, they dropped the shares of the operating company Snap by around a quarter. Snap posted its slowest growth since the company went public just over five years ago, with revenue up 13 percent to $1.11 billion. The quarterly loss widened from just under $152 million a year earlier to a good $422 million.
Snap did not provide a forecast for the current quarter when the figures were presented after the US market closed on Thursday. The company referred to the imponderables of the business environment. Snap is funded primarily through advertisements that companies place on the platform. When the economy is weak, such expenditures are often scaled back. In response to the uncertainty, Snap plans to significantly slow down job growth, among other things. Meanwhile, the number of daily active users increased from 332 to 347 million within three months.