Snapchat loses $10 billion as stock hits new 52-week low

Snapchat loses$ 10 billion as stock hits new 52- week low 

 

The company's stock lost about 40 per cent of their value on Friday, after it reported a net loss of$ 422 million compared to$ 152 million in the previous time as the company" mainly" reduced hiring. 

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Snap, the parent company of Snapchat, suffered nearly$ 10 billion lossSnap suffered loss after its shares hit a new 52- week low over disappointing daily resultsThe company's stock lost nearly 40 per cent of their value on Friday 

Technology news updates Snap, the parent company of Snapchat, suffered nearly$ 10 billion loss after its shares hit a new 52- week low over disappointing daily results( Q2) amid poor future cast. 

The company's stock lost nearly 40 per cent of their value on Friday, after it reported a net loss of$ 422 million compared to$ 152 million in the previous time as the company" mainly" reduced hiring. 

 

"We face a number of veritably large and veritably advanced challengers( and) we are seeing the overall advertising pie grow at a slower rate amid the macro headwinds," CFO Derek Anderson told investors. 

"As competition, whether it's with TikTok or any of the other veritably large, sophisticated players in this space, has only boosted and it's hard to disentangle the multitudinous factors then impacting what is easily a tailwind driving retardation in our business," he added. 

 

In May, Snap blazoned to decelerate down hiring this time. Spiegel told workers that the company plans to hire 500 people this time, versus,000 it hired over the once 12 months, after advising investors that its profit wouldn't grow as presto as anticipated. 

Like numerous tech companies, Snap continues to face rising affectation and interest rates, force chain dearths and labour dislocations, platform policy changes, the impact of the war in Ukraine, and more.