Snap’s shares worsened as the stock plummeted more than 20% in after-hours trading. Snap reported revenue growth of less than 6%, and said sales are growing only 9% so far in the 4th quarter while declining to provide full holiday-season forecast.
A bruising year for Snap Inc.’s shares worsened Thursday, as the stock plummeted more than 20% in after-hours trading as executives launched the company’s first major share-repurchase program amid revenue issues in a poor environment for online advertising.
“Forward-looking revenue visibility remains incredibly challenging, and this is compounded by the fact that revenue in Q4 is typically disproportionately generated in the back half of the quarter, which further reduces our visibility,” executives explained about the lack of guidance in a letter to investors.
Snap’s desultory news sent shares tumbling in extended trading for Pinterest , Trade Desk Inc. TTD, +2.26% , Meta and Google .
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