SocialNewsBreaks – Snap Inc. (NYSE: SNAP) Faces Downturn Despite Revenue Growth
Snap Inc. (NYSE: SNAP), the parent company of Snapchat, faced a significant downturn in its stock value during after-hours trading following its second-quarter earnings report for 2024. Despite a 16% year-over-year increase in total revenue, reaching $1.24 billion, the decline in the company's stock reflects investor concerns about Snap's future growth prospects, especially given the deceleration from the 21% growth recorded in the first quarter of 2024. The mixed financial results also highlighted a net loss of $249 million, which, despite being a 34% improvement from the previous year, still raises questions about the company's profitability. Snap's user engagement metrics,…