(Reuters) – Snap Inc (SNAP.N) missed Wall Street estimates for fourth quarter revenue on Tuesday as it faced tough competition from digital advertising giants Google and Facebook, sending its shares down 10%.
FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. REUTERS/Lucas Jackson/File Photo
Snap, which owns the popular photo messaging app Snapchat, had earlier warned its peak advertising demand period between Black Friday and the December holidays had one fewer week this year.
Revenue, which the company generates from selling advertising on Snapchat, rose 44% to $560.88 million but missed the average analyst estimate of $563.03 million.
While Snap has invested in a self-serve platform to make it easier for advertisers to buy ad space, it is still a long way from stealing ad dollars from Alphabet Inc’s (GOOGL.O) Google and…
Source Reuters Tech News