Wall Street

Snap misses revenue targets as growing competition slows growth, shares fall

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Reuters UK

By Sheila Dang (Reuters) -Snap Inc missed second-quarter revenue targets on Thursday as record-high inflation and increasing competition from rival apps like TikTok hurt advertising demand, but it reported higher user growth than Wall Street had expected. Shares of Snap dropped 21% in trading after the bell. The Snapchat owner is the first of the major tech firms to report second-quarter earnings, and the results could be a bellwether of conditions also affecting Facebook owner Meta Platforms Inc, which reports results next week, and Twitter Inc, which reports on Friday. “We are not satisfied …

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