Snap stock

Snap SNAP +2.45% shares lost a quarter of their value in extended trading Thursday as the company said that it expects fourth-quarter revenue to be flat ...

In a letter to investors, Snapchat's parent company said its revenue growth was slowed by several factors, including growing competition and jitters from the ...

Snap declined to provide financial guidance for the final three months of the year. Much of that loss ($155 million) came from restructuring charges related to layoffs. There were some glimmers of hope in Snap’s report, including that the number of daily active users grew 19% year-over-year to reach 363 million in the third quarter.

Following the Q3 2022 earnings report from Snap Inc. along with details about decreased advertiser spending, SNAP stock fell by 25%.

And for more Snap news, be sure to read through some of our previous coverage as well on things like [Snapchat (SNAP) sharing plans to to lay off 20% of its staff](https://www.shacknews.com/article/132089/snapchat-snap-layoffs-staff-cuts) back in August. Snap also reported a net loss of $360 million (400%) due in part to the company’s $155 million restructuring, with average revenue per user (ARPU) down as well by 11 percent from the previous quarter. Additionally, SNAP stock taking such a dramatic dip today has had a ripple effect, pulling [SNAP stock crashes 25% on Q3 2022 earnings release](/article/132770/snap-stock-crashes-q3-2022-earnings) [check out the full report](https://newsfilter.io/articles/snap-inc-announces-third-quarter-2022-financial-results-8ee3456332a05ba8980a5ab0026e83de) and read through the [letter sent by Snap](https://s25.q4cdn.com/442043304/files/doc_financials/2022/q3/Snap-Inc.-Q3-2022-Investor-Letter-(10.20.2022).pdf) to its investors. Snap Inc.

Snap shares plummeted more than 25% in extended trading on Thursday after the social media company reported weaker-than-expected revenue for the third quarter.

Snap debuted the subscription service in June as a way for users to access exclusive and pre-release features for $3.99 a month. As in the second quarter, Snap's board authorized a stock repurchase program of up to $500 million. Snap also ended the production of its Snap Originals premium shows. The company had $4.4 billion in cash, cash equivalents, and marketable securities as of Sept. [Apple's](/quotes/AAPL/) 2021 privacy update to iOS remains a barrier in Snap's ability to track users across the web, thus weakening its online advertising business. Should the stock close on Friday at its after-hours level, it would be the lowest since early 2019. Snap's third-quarter revenue grew 6% from a year earlier, the first time it's dipped into single digits since the company's public market debut in 2017. Facebook parent [Meta](/quotes/META/) reports quarterly results next week. Average revenue per user (ARPU) was down 11% to $3.11. It's Wall Street's first peak into the current state of the struggling online ad market. In August, Snap announced that it would lay off 20% of the company's roughly 6,000 employees as part of a major - Snap said in late August that it would cut 20% of staff as part of a major restructuring.