Snap's Stock Tumbles 30% on Revenue Miss and Weak Guidance Amid Global Headwinds

Snap Inc.'s stock plummeted over 30% in after-hours trading following a revenue miss and weak guidance, with a net loss of $248.2 million and a 10% rise in daily active users to 414 million. The company also announced plans to cut about 10% of its workforce after previously laying off 20% in August 2022. Snap's revenue improved to $1.36 billion, but its forecast for the first quarter fell short of analyst expectations, leading to concerns about its future performance in the digital ad market.