{"id":1156110,"date":"2022-07-22T13:57:49","date_gmt":"2022-07-22T13:57:49","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/07\/22\/snapchat-owner-hit-as-advertising-slump-hit-sales\/"},"modified":"2022-07-22T13:57:49","modified_gmt":"2022-07-22T13:57:49","slug":"snapchat-owner-hit-as-advertising-slump-hit-sales","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/07\/22\/snapchat-owner-hit-as-advertising-slump-hit-sales\/","title":{"rendered":"Snapchat owner hit as advertising slump hit sales"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"392\" class=\"entry-thumb\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/07\/Snapchat-696x392.jpg\"   alt=\"\" title=\"Snapchat \/ Credit: GETTY IMAGES\"\/><figcaption class=\"wp-caption-text\">Snapchat \/ Credit: GETTY IMAGES<\/figcaption><\/figure>\n<\/div>\n<p>Shares in the owner of social media platform Snapchat have plummeted after it missed revenue expectations and warned it faces \u201cincredibly challenging\u201d conditions.<\/p>\n<p>The firm says advertisers cut spending as they face supply chain disruptions.<\/p>\n<p>Snap shares slumped by more than 25% in after-hours trade in New York.<\/p>\n<p>Shares in technology giants including, Facebook owner Meta and Google\u2019s parent company Alphabet, also fell on concerns about economic headwinds.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p><strong>READ ALSO:<\/strong><\/p>\n<p>After US markets closed on Thursday, Snap reported revenue of $1.11bn (\u00a3926m) for the three months to the end of June, which missed Wall Street expectations.<\/p>\n<p>The company said some of its advertisers had cut spending as they faced rising costs, supply chain disruptions and labour shortages.<\/p>\n<p>The firm also said\u00a0privacy changes to iPhones, economic challenges, and increasingly tough competition for advertisers had \u201csubstantially slowed\u201d its revenue growth.<\/p>\n<p>However, daily active users on Snapchat grew to 347m by the end of June, beating forecasts.<\/p>\n<p>It said it now aims to reduce hiring, grow its advertising business and find new sources of revenue.<\/p>\n<p>After the results, shares in major technology firms that also sell online adverts \u2013 including Meta, Alphabet, Twitter and Pinterest \u2013 lost ground in after-hours trading.<\/p>\n<p>Snap\u2019s earnings come ahead of results from larger rivals including Twitter, which is due to release figures later on Friday, while Alphabet is scheduled to post its latest update on Tuesday, followed by Meta on Wednesday.<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"urbhiQ3hf08\"><iframe loading=\"lazy\" title=\"Shedding light on Marburg \u2013 Apomuden - Adom TV News (21-7-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/urbhiQ3hf08?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Snapchat \/ Credit: GETTY IMAGES Shares in the owner of social media platform Snapchat have plummeted after it missed revenue expectations and warned it faces \u201cincredibly challenging\u201d conditions. The firm says advertisers cut spending as they face supply chain disruptions. Snap shares slumped by more than 25% in after-hours trade in New York. Shares in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1156112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[7109,1327,5882,1283,13371,10101],"class_list":["post-1156110","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-advertising","tag-hit","tag-owner","tag-sales","tag-slump","tag-snapchat"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1156110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1156110"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1156110\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1156110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1156110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1156110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}