US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account In its letter to investors, the company said: “We expect that the operating environment will continue to be challenging in the months ahead and believe the actions we are taking provide a clear path forward for Snap.” Snap declined to provide financial guidance for the final three months of the year. Much of that loss ($155 million) came from restructuring charges related to layoffs. Its net loss was also smaller than Wall Street had expected, but the company nonetheless lost $360 million in the quarter, compared to a loss of $72 million in the year prior. There were some glimmers of hope in Snap’s report, including that the number of daily active users grew 19% year-over-year to reach 363 million in the third quarter. Snap has also faced increasing competition from fast-growing competitors like TikTok, and is still navigating its digital ads business in the wake of privacy changes implemented by Apple that have made it more difficult for marketers to target users with ads. Like other tech companies, Snap has had to confront headwinds from rising inflation, a stronger dollar and broader economic jitters that are leading some advertisers and consumers to rethink their spending in the United States and abroad. In late August, Snap announced plans to lay off some 20% of its more than 6,400 global employees, or more than 1,200 staffers. Snap helped set off a wave of anxiety among tech investors when it warned in May that the economy had worsened faster than it expected, cutting into its revenue and profit forecast for the quarter. Snap’s report kicks off what is expected to be a sobering tech earnings period, as layoff announcements, hiring freezes and other cost-cutting measures have become increasingly common in the industry amid fears of a looming recession. Shares of Snap fell nearly 25% in after hours trading following the earnings report. “We are finding that our advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds, inflation-driven cost pressures, and rising costs,” the company said in the letter. In a letter to investors, Snapchat’s parent company said its revenue growth was slowed by several factors, including growing competition and jitters from the advertisers who make up its core business. As such, investors should stay focused on the best blue chip stocks that are poised to weather the storm – and what better place to start than with the best blue chip dividend stocks? This short list of high-quality names can deliver both income and outperformance in a turbulent market.Snap on Thursday reported revenue of $1.13 billion for the three months ending in September, a slight 6% increase from the year prior and less than Wall Street had expected, as the company confronts tightening advertiser budgets in an uncertain economy. With inflation data due out next week, and the next Fed meeting scheduled for the end of this month, the potential for volatility is high. "This week will likely deliver a make-or-break moment for risk appetite as we will hear Fed Chair Powell's testimony to Congress and find out if the hot January jobs report was an aberration," says Edward Moya, senior market strategist at currency data provider OANDA. Specifically, the February jobs report will be released ahead of Friday's open. Economic data has come in relatively strong recently, and the next big data point is due out at the end of this week. Fed Chair Jerome Powell is set to kick off his two-day congressional testimony tomorrow, with investors anxious for more clarity on the central bank's future plans for interest rates. The rest of the week will draw more economic headlines. "Apple's installed base growth, secular growth in services, and new product innovation should more than offset cyclical headwinds to product revenue, such as a reduced iPhone unit demand due to a lengthening replacement cycle and reduced consumer demand for the PC & tablet category," Ng wrote in a note to clients. Elsewhere, Apple ( AAPL, +1.9%) was one of the best Dow stocks today – second only to healthcare giant Merck ( MRK, +3.9%) – after Goldman Sachs analyst Michael Ng initiated coverage on the iPhone maker with a Buy rating.
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