Snap revenue for the fourth quarter ended Dec. 31 was $1.3 billion, flat from the prior-year and in line with analyst expectations
on Tuesday swung to a net loss in the fourth quarter and said revenue could decline in the current quarter by as much as 10 per cent as it faces fierce competition from rivals like TikTok and weak advertising demand.
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. Revenue for the fourth quarter ended Dec. 31 was $1.3 billion, flat from the prior-year and in line with analyst expectations.
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