Snap delivered weak revenue numbers in the latest quarter due to a decline in other companies' spending on online advertising.
Weak revenue figures in the last quarter; Image: RealMoney - TheStreet
Snap delivered a slight increase for last year's revenue, $1.3 billion was reported, expected $1.31 billion. For the coming year, the company expects revenue to decline by 2-10%.
The reason for the company's stagnant growth was a slower economy, according to an investor letter. This has led to companies cutting advertising spending on the platform. Apple's iOS privacy update limits personalized ad serving, hurting Snap as well.
