Snapchat gains users but loses money

By Agence France-Presse

Aug 03, 2024 12:11 am

LOS ANGELES, California — Snap shares plunged more than 16 percent on Thursday when a disappointing financial outlook eclipsed a rise in users of the image-centric social network Snapchat.

California-based Snap said its loss in the recently ended quarter shrank to $249 million from $377 million in the same period a year earlier, while revenue grew to $1.2 billion from $1 billion.

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