Further spooking investors, Snap forecast the flat fourth quarter despite saying it had seen a 9% uptick in revenue thus far in the quarter. That was the slowest rate of growth in any quarter since the company went public in 2017 and was below the 8% projection Snap offered last August. In the most recent quarter, Snap reported $1.13 billion in revenue, which was up 6% over the prior-year period. Since then, the company benefited from strong tailwinds as both users and advertisers grew more and more attached to the platform and spending on digital advertising surged.
That was during the early months of 2019. The last time Snap shares were in their current price range, the company was struggling to overcome a series of high-profile exec departures, a deeply unpopular redesign and glitches with Snapchat’s app for Android devices.
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