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Snapchat Falls By 25%
Description
Snap ($SNAP@US) shares dropped more than 25 percent on Thursday following the social media company’s report that its third-quarter revenue was lower than it originally forecasted. Snap’s third-quarter revenue grew 6 percent from a year earlier. However, its gain was offset by its net loss of 400 percent, partly due to a $155 million restructuring charge. Its daily active users increased 19 percent year over year, showing that the company is still able to attract users.
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