Snap Stock Plunges 30% Due to Revenue Miss and Weak Guidance

Snap Inc. shares plunged over 30% after reporting disappointing revenue in the holiday quarter, with a 5% increase to $1.36 billion falling short of analysts' expectations. The company, parent to Snapchat, attributed the challenging operating environment to a slump in the digital advertising market and Apple's privacy changes. Despite ongoing restructuring efforts, including a 10% workforce reduction, Snap projected a larger-than-expected loss in the current period. The company is focusing on user growth and engagement in highly monetizable regions, while also exploring new revenue streams such as its subscription offering, Snapchat+.