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Snap Misses Q4 Forecasts, Stock Plunges Sharply
Snap's Q4 2023 earnings missed Wall Street expectations, prompting its stock to drop more than 30% in after-hours trading Tuesday.
Snap ‘s revenue came in lighter than expected and its net loss was wider than anticipated — leading the Snapchat parent’s stock to drop more than 30% in after-hours trading Tuesday. The Q4 results come out a day after the social media and messaging app maker announced that it would cut 10% of its workforce, laying off around 540 employees. “Snapchat enhances relationships with friends, family, and the world, and this unique value proposition has provided a strong foundation to build our business for long-term growth.”
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