Snapchat’s comeback isn’t over yet
Snapchat’s stock price plunged more than 40% today after the company announced its revenue would grow slower than expected this quarter. In an 8-K disclosure filed to the US Securities and Exchange Commission May 23, Snap said “the macroeconomic environment has deteriorated further and faster than anticipated,” slowing down the company’s growth and biting into its profits.
In April, Snap predicted revenue would grow 20-25% in the April-June quarter, compared to the same quarter last year. Snap still expects its revenue to grow year-on-year, according to a memo from CEO Evan Spiegel, but it won’t grow as quickly as the company anticipated.
https://datawrapper.dwcdn.net/ba90h/1/
Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.