Advertising and was the second-biggest spender

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It has spent aggressively on advertising and was the second-biggest spender on Facebook during the last three months of 2024, second only to Amazon, Sensor Tower said. Those efforts appear to be paying off. Earnest Analytics says the upstart has “shaken up” America’s discount sales industry by attracting shoppers from Dollar General (DG) and Dollar Tree (DLTR).Snap shares plunge 30% in the wake of quarterly loss, layoffs Clare Duffy By Clare Duffy, CNN 4 minute read Updated 7:15 PM EST, Tue February 6, 2024 The Apple App Store app on a smartphone arranged in New York, US, on Sunday, Aug. 13, 2023. The Apple App Store app on a smartphone arranged in New York, US, on Sunday, Aug. 13, 2023. Gabby Jones/Bloomberg/Getty Images New York CNN — Shares of Snapchat parent Snap plunged on Tuesday after the company reported a loss in the final three months of 2023.

Snap reported a net loss of $248 million for the December quarter, an improvement from the same period in the prior year and a narrower loss than Wall Street analysts had expected. Still, shares fell around 30% in after-hours trading Tuesday. The company Brazil Mobile Number List also said revenue from the quarter grew 5% year-over-year to $1.36 billion, its second consecutive quarter of revenue gains after two earlier quarters of declines last year. However, in a Tuesday letter to investors, Snap said the conflict in the Middle East posted a “headwind to year-over-year growth of approximately 2 percentage points in Q4.” CEO Evan Spiegel attempted to strike an optimistic tone in the company’s earnings release, saying, “2023 was a pivotal year for Snap, as we transformed our advertising business and continued to expand our global community, reaching 414 million daily active users.” But the report comes one day after the company announced it would lay off 10% of its staff, cutting around 500 jobs.



The reductions signal that the company is still in cost-cutting mode after the company in 2022 laid off what was then 20% of its workforce, around 1,200 employees, and another 3% of its staff last year. In this photo illustration a Snapchat logo seen displayed on a smartphone. RELATED ARTICLE Snap to lay off 10% of staff, cutting approximately 500 jobs Snap said Monday that the layoffs were meant to “best position our business to execute on our highest priorities” and to “promote in-person” work. “Based on these numbers, yesterday’s layoffs appear more than necessary as the company will need to rethink its strategy, particularly in terms of monetization,” Thomas Monteiro, senior analyst at Investing.com, said in emailed commentary following the report.