Market watchers set the Snap earnings bar low, but the social media company was still not able to meet expectations.
Analysts expected revenues of $238 million, but the company brought in $20.8 million. And daily active users grew to just 178 million, compared to estimates for 182 million.
While Snap did report a slightly smaller loss than expected, it still bled about $440 million during the quarter. It also said in a statement that it has a surplus of Spectacles, its connected eyewear product, due to lower-than-expected demand. Still, the company isn't giving up on the product yet, saying it still expects to sell the excess inventory.
The company added in a press release that it is looking to redesign its app to make it more user-friendly, acknowledging that the redesign may disrupt business in the short term. But Snap hopes the reformatting will create long-term benefits.
Higher rents and food prices boosted overall U.S. inflation in December, a sign that the Federal Reserve's drive to slow inflation to its 2% target will likely remain a bumpy one.
Tech companies of all sizes are showing off their latest gadgets at CES 2024 in Las Vegas. And that includes new technology that's changing the world of food and drinks.
Matt Hougan, CIO of Bitwise Asset Management, gives Cheddar the latest on the Securities and Exchange Commission approval of bitcoin ETFs. Hougan calls this time a 'potential major milestone for bitcoin.'
LeBron James has agreed to an exclusive deal with Fanatics Collectibles. James and his son, Bronny, will appear together on a unique sports trading card to herald the Los Angeles Lakers superstar’s new multiyear partnership with Fanatics.
Joe Zhao, Managing Partner at Millennia Capital, joined Cheddar to discuss the latest stock moves and how the market is being impacted by artificial intelligence.
Wall Street was quiet early following a lackluster session a day earlier as markets await U.S. inflation data and high-profile corporate earnings reports later in the week.
The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy.
