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International Business Times
International Business Times
Business
AFP News

Snapchat Gains Users But Continues To Lose Money

SNAP Snapchat Google
Snapchat parent Snap has yet to make a profit as it battles with Meta and Google for online ad revenue (Credit: AFP)

Snap shares plunged more than 16 percent on Thursday when a disappointing financial outlook eclipsed a rise in users of the image-centric social network Snapchat.

California-based Snap said its loss in the recently-ended quarter shrank to $249 million from $377 million in the same period a year earler, while revenue grew to $1.2 billion from $1 billion.

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