Snap reported its third-quarter earnings Thursday, the first social media company to offer a financial update amid ongoing economic tumult this quarter.
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’s stock dipped from around $11 per share to $8 in late trading following the report.
Snap’s revenue is up 6% this quarter, a number that doesn’t compare favorably to previous periods of double-digit growth. The company’s net loss accelerated to $360 million, which includes $155 million in “restructuring charges.”
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.
While other social networks are similarly struggling due to a combination of broader economic factors, ascendant competitors and the still-reverberating changes from Apple’s ad tracking changes, Snap in particular has taken a beating. In August, the Verge reported that Snap planned to lay off a fifth of its workforce, or around 1,200 employees.
The company didn’t offer a forecast for the third-quarter results and similarly declined to make predictions about its upcoming quarter.