Snap’s shares sank a further 25% on Friday following the announcement of their Q3 financial report.
The company, which has seen its stock price plunge to a fraction of what it was worth during 2021’s highs, missed analyst expectations on revenue, bringing in $1.13 billion compared to the $1.14 billion anticipated.
Snap forecast zero revenue growth for the current quarter, and saw its stock dip from around $11 per share to $8 in late trading following the report.
The company’s daily active users were up 57 million to 363 million in Q3, a 19% increase from the same period last year.
“This quarter we took action to further focus our business on our three strategic priorities: growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth, and investing in augmented reality,” CEO Evan Spiegel said of the quarter.
The company had said in August it would lay off 20% of its employees and discontinue projects such as gaming and a flying camera drone to cut costs and brace for a deteriorating economy.
The company didn’t offer a forecast for the third-quarter results and similarly declined to make predictions about its upcoming quarter.
Snap’s stock, now trading at $8.06, has lost about 77% of its value so far this year, while Alphabet, Meta and Pinterest have lost between 30% and 60%. Twitter, however, has gained 21% on the prospect of billionaire Elon Musk buying the company.