Snap plunges 30% after CEO warns company will miss revenue

Snap plunges 30% after CEO warns company will miss revenue

Fears of losses of as much as 100 billion are expressed in the market that may arise from the dip of shares in Snapchat, which lured popular social media companies and online advertising companies.
The dip in shares came shortly after CEO Evan Spiegel noted that his earnings forecast should be revised.

As he explains, one of the most popular companies of social media, continues to make profits, but not at the pace it had predicted.

This will slow down the recruitments that the company had planned during the year, as the expenses will be reprogrammed.

“We note that the macroeconomic environment has deteriorated faster than we expected when we issued the quarterly guidelines last month,” said Spiegel

“As a result, while our revenues continue to grow from year to year, they are growing more slowly than we expected,” he continued.

This warning immediately hit other advertising-dependent companies, including Meta Platforms Inc. , Twitter Inc., Alphabet Inc. and Pinterest Inc.

Spiegel informed staff that the company’s management had been asked to review the costs to see if there was room for cuts. “Our most significant gains in the coming months will come as a result of improved productivity by our existing team members,” he wrote.

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