Shares of Snap Inc. (SNAP) plunged following the release of its quarterly report, which spooked investors as the pullback in advertising continued to weigh on its financial performance. With its ad business under pressure, the company reported a 7% year-over-year decline in its revenue for the quarter ended March 31, 2023.
SNAP has been struggling amid a slowdown in marketer spending due to broader economic challenges and changes to Apple Inc’s (AAPL) privacy policies.
