Here's Why Snap Stock Crashed Today
Shares of Snap (NYSE: SNAP) plunged 39% on Friday after the social media company's second-quarter financial results alarmed investors.
The parent company of Snapchat said its revenue rose 13% year over year to $1.1 billion. That represented a marked deceleration from the 38% growth Snap achieved in the first quarter.
Worse still, Snap's losses widened. It produced a net loss of $422 million compared to a loss of $152 million in the year-ago quarter.
Source Fool.com