"We expect that the operating environment will continue to be challenging in the months ahead," the company said in a statement.
Santa Monica-based Snap said rising inflation has forced advertisers to reduce their marketing budgets. READ: US markets lose their shine to end the day in negative territory Revenue rose 6% year-over-year, and daily active users increased 19% year-over-year to 363 million. The social media company reported weaker-than-expected revenue of US$1.13 billion versus the $1.14 billion expected by Wall Street for the quarter ended September 30. Snap Inc (NYSE:SNAP) saw its stock price plunge in after-hours trading as the company behind Snapchat beat 3Q expectations on earnings but missed on revenue due to a decrease in advertising.
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