The scale of the struggle facing the world’s largest social media firms was laid bare today after Snapchat owner Snap Inc posted a whopping $288 million (£234 million) loss for the fourth quarter, reversing profits of $23 million it made in the previous year and sending its shares down as much as 12.6% in after-hours trading.
That brings its total losses to the year to over $1.4 billion, rounding off a difficult period for the firm which saw its share price lose about two-thirds of its value.
