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.
The Biden administration says it will impose inflation penalties on dozens of drug makers to lower costs for those on Medicare.
Two of the top low-cost online retailers are going head to head in a new legal battle. Cheddar News' Michelle Castillo breaks the lawsuit down.
The number of Americans filing for jobless benefits fell last week as the labor market continues to thrive despite high interest rates and elevated costs.
The earliest version of Disney's Mickey Mouse will become public domain on Jan. 1, 2024.
The toy magic oven called the Cookeez Makery is one of the hottest toys for kids this holiday season.
In the UK, IKEA is looking to give away some meatballs, and not just regular-size meatballs.
Dwayne 'The Rock' Johnson is set to star in a movie playing MMA and UFC legend, Mark Care, while Kevin Hart will headline a boxing project over on Peacock.
Coca-Cola is recalling drinks sold in three southern states due to possible "foreign materials" inside cans.
Stocks jumped after the Dow Jones closed at a record high while fresh retail sales data showed positive consumer spending ahead of the holidays.
The Food and Drug Administration is asking Congress for new powers, including the ability to mandate drug recalls and require eyedrop makers to undergo inspections before shipping products to the U.S.
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