The company's share price had already declined more than 75% this year going into earnings.ĭetails: In a letter to investors, Snap said its business "continued to face significant headwinds in the third quarter" but that it remains bullish on its strategy thanks to previously-announced plans to cut costs and prioritize monetization. Why it matters: Wall Street was looking to Snap to deliver good news about the broader ad market. It also declined to provide revenue or earnings guidance for the fourth quarter, given uncertainty in the economy. plummeted more than 20% Thursday after the camera app reported its slowest-ever quarter for revenue growth since going public in 2017.
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