Snap Shares Plunge 17%

Snapchat's parent company Snapchat reported its second-quarter results, beating analysts' estimates, reporting revenue of $1.07 billion compared to the $1.05 billion expected and a loss per share of 2 cents compared to the 4 cents expected. Company shares dropped 17% following the report due to the weaker-than-expected forecast for the current quarter. Snap projected total sales between $1.07 billion and $1.13 billion. The company's second-quarter sales saw a 4% decline compared to the same period in the previous year, marking the second consecutive quarter of declining year-over-year revenue. Analysts closely monitor Snap's earnings to gauge any signs of recovery in the digital advertising market. The online advertising market has been described as "still soft," but there are indications of a slow rebound in digital ad spending.