Snap Earnings News Today

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Snap stock’s “violent” 35% crash Wednesday was the third-worst daily drop in Snap’s history.

The Snapchat parent gave investors little reason to cheer, and it shared a revenue forecast lower than many analysts estimated.

German software major SAP AG reported Friday lower profit in its first quarter amid higher expenses, even as revenues were higher with improved performance in cloud and software revenue.

Snap was the first major social media company to release its September-quarter earnings, and its stock tumbled 25% following the disappointing results after the bell.

The precise number of Snaps 6,000 employees who will be let go is unknown. According to the report, managers across the organisation are still in the planning stages and have not made any decisions regarding who will be let go and why.

Meta Platforms fell over 3% after the Facebook owner posted its first-ever quarterly drop in revenue and issued a gloomy forecast, echoing a warning last week from ad tech rival Snap.

"It seems inevitable that there was going to be some payback in corporate earnings this year," investment chief Lisa Shalett said.

Snap's CEO warned of a challenging macroeconomic environment, while the euro rose after ECB chief Lagarde said interest rates are at a turning point.