Market watchers set the Snap earnings bar low, but the social media company was still not able to meet expectations.
Analysts expected revenues of $238 million, but the company brought in $20.8 million. And daily active users grew to just 178 million, compared to estimates for 182 million.
While Snap did report a slightly smaller loss than expected, it still bled about $440 million during the quarter. It also said in a statement that it has a surplus of Spectacles, its connected eyewear product, due to lower-than-expected demand. Still, the company isn't giving up on the product yet, saying it still expects to sell the excess inventory.
The company added in a press release that it is looking to redesign its app to make it more user-friendly, acknowledging that the redesign may disrupt business in the short term. But Snap hopes the reformatting will create long-term benefits.
If you return to the office after working from home and feel like you're spending more money, you're not alone this year. That's according to a new report.
New York is trying to restrict algorithms that target young users on social media platforms, introducing two new bills that are designed to protect children's mental health.
Delta Airlines today reported third-quarter profits that beat expectations, boosting its full-year growth outlook, as the carrier earnings increased about 60% to $1.1 billion.
Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices.
Design and lifestyle company Apartment Therapy has brought back its annual Small/Cool NYC exhibit to showcase some of the biggest interior design trends. Maxwell Ryan, founder of Apartment Therapy, joined Cheddar News to show some of the designs the company has come up with as well as some unique choices for living spaces of any size.
