![]() Snap's net loss was $288 million during the quarter, versus net income of $23 million the previous year. 31 was $1.3 billion, flat from the prior-year and in line with analyst expectations. Revenue for the fourth quarter ended Dec. "We expect the headwinds we have faced over the past year to persist throughout Q1," the company said in a letter to investors. Snap Chief Executive Evan Spiegel said during a conference call with analysts that the company is working to improve its ability to measure and boost the effectiveness of its ads, but it would take time for the investments to translate into higher revenue. In a letter to investors, Snap said a weakening economy, increased competition from other social media platforms and "platform policy changes" continued to hurt its business in the fourth quarter.Īpple began rolling out privacy changes on iPhones in 2021 that have limited advertisers' ability to collect data for targeted advertising. Meta shares fell 2% and Alphabet dropped 1%. The owner of photo messaging app Snapchat is the first of the major digital advertising platforms to report fourth-quarter results, which provides an early clue for platforms like Facebook owner Meta Platforms Inc (META.O) and Alphabet's Google (GOOGL.O) when they report results later this week. Jan 31 (Reuters) - Snap Inc (SNAP.N) on Tuesday said current quarter revenue could decline by as much as 10%, sending its shares down 14% as the company struggles with weak advertising demand.
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