Snap shares plummeted more than 25% in extended trading on Thursday after the social media company reported disappointing second-quarter results and said it plans to slow hiring as it reckons with weakening revenue growth.
Co-founders Evan Spiegel, the CEO, and technology chief Bobby Murphy agreed to new employment contracts that will keep them in their jobs through at least January 2027.
Here’s how the company did:
- Earnings per share: A loss of 2 cents, adjusted, versus expected loss of 1 cent, according to a Refinitiv survey of analysts
- Revenue: $1.11 billion versus $1.14 billion expected, according to Refinitiv
- Global Daily Active Users (DAUs): 347 million versus 344.2 million expected,…