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Snap Inc (NYSE: SNAP) fell 38% Friday, a day after the social media company missed quarterly expectations.
The company blamed slowing demand for its online ad platform and a challenging economy for the disappointing results.
In the second quarter, revenue of the company increased 13% compared to expectations of 16%, according to Refinitiv. The company also said that it plans to slow hiring due to weakening revenue growth.
Snap said due to given uncertainties related to the operating environment, it is not providing guidance for the third quarter.
Picture Credits: Reuters
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