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462 Snap Adds to Chilly Advertising Outlook

The Information
Kaya Yurieff @ The Information · 08/01/2024 18:31 EDT

Selling online ads is great if you’re Meta Platforms. For the rest, it’s increasingly blah. Snap joined a parade of internet companies to warn digital advertising growth was cooling, catching Wall Street by surprise. The news took 20% off the price of Snap shares in after-hours trading Thursday. The parent of Snapchat said it expects third-quarter revenue to rise between 12% and 16%, slower than 16% in the second quarter and 21% in the first. 

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