Snap plunges more than 32% after earnings release - Breaking The News

Snap plunges more than 32% after earnings release

7 February

1 min read

EPA/JUSTIN LANE

Technology company Snap Inc's shares continued falling during the premarket trading on Wednesday after yesterday's release of its fourth-quarter results.

Although the company reported its revenue at $1.4 billion, increasing by 5% year over year, it did not meet analysts' expectations. Snap also projected an adjusted EBITDA loss between $55 million to $95 million in the first quarter of fiscal 2024, which is more than analysts forecasted.

Snap shares plunged more than 32.72% in the premarket.

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