Tech stock crash1/19/2024 In Q2 2023, the company reported a net loss of $8.73 billion for the quarter from an impairment charge. They recently reported their Q2 earnings results which brought forth some shocking revelations. ![]() Lumen once had its glory days in the late 90s to early 2000s, but the company has seen an unfortunate turn for the worse. The company specializes in telecommunications, IoT, security, and cloud solutions. While Snapchat’s DAUs continue to rise, investors should sell Snapchat stock until their advertising business’ future is more clear. Advertisers are flocking to TikTok to reach their abundant millennial audience and acquire cheaper ad rates per 1000 impressions. Snapchat is facing serious challenges in its advertising business, and rising competition from social media apps like TikTok and Instagram. Free cash flow shrunk to $119 million, compared to $147 million in the year prior. In Q2 2023, Snapchat posted an adjusted net loss of $477 million. However, things have since taken a turn as the economy reopened and social media apps like TikTok continued to gain market share. From March 2020 to October 2021, the stock rose more than 7X and the company was posting record profits. Snapchat’s primary demographic is Gen Z in the age range of 11-26.ĭuring the 2020/2021 global pandemic, Snapchat benefited tremendously from the stay-at-home orders. ![]() Snapchat (NYSE: SNAP) is an American multinational technology company whose principal features are pictures and messages that disappear. ![]() The Snapchat (SNAP) and Instagram apps on displayed on an iPhone, which sits on a gray background.
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