:Photo messaging app-owner Snap Inc on Tuesday gave weaker third quarter guidance than analysts had expected as it works to compete with tech giants for advertising dollars, sending its shares down 17 per cent.Snap, which owns the Snapchat app, has attracted hundreds of millions of users thanks to its lighthe
:Photo messaging app-owner Snap Inc on Tuesday gave weaker third quarter guidance than analysts had expected as it works to compete with tech giants for advertising dollars, sending its shares down 17 per cent.
The Santa Monica, California-based company said it estimates third quarter revenue will be between $1.07 billion to $1.13 billion. Analysts were expecting revenue of $1.13 billion, at the top end of the guidance range. Advertisers are beginning to see results from the changes, which led to a more than 30 per cent increase in"purchase-related conversions" compared to the first quarter, Snap said its Tuesday letter to investors.
Daily active users on Snapchat rose 14 per cent year-over-year to 397 million, beating Wall Street expectations of 394.8 million. More than 150 million people have also sent more than 10 billion messages to My AI, a ChatGPT-powered bot launched in February.
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