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'We are not satisfied with the results.' Snap stock tanks 25% after another disappointing quarter
CNN
Snap's rough year continues.
Shares of Snapchat's parent company tanked more than 25% in after-hours trading Thursday after it posted even worse sales growth results for the three months ended in June than it had expected.
Snap (SNAP) last month warned investors that the economy had worsened faster than it expected, and said its revenue growth would likely be at the low end of its previous guidance, or around 20%. On Thursday, the company said revenue grew just 13% to $1.1 billion during the quarter.
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