Revenue growth slows for social media firm as advertisers pull back amid rising inflation
Investors seem to be similarly missing the big picture on Snap. Picture: Bloomberg
The easiest comparison is with Snap, which reported on Thursday that its revenue growth slowed to 13% from 38% in the first quarter, as advertisers pulled back amid rising inflation and other challenges. Twitter’s revenue growth in the first quarter was 22%, so a drop of 19 percentage points does not seem out of line.
Snap warned in May that the “macroeconomic environment has deteriorated further and faster than anticipated” when it reported first-quarter earnings and projected revenue growth of 20%-25% in the second quarter. Snap stock promptly dropped 43% to just below $13. After recovering earlier in the week to above $16, the stock dropped more than 39% to below $10 on Friday.
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