The global economic crisis has affected all sectors from top to bottom. Firms began to resort to measures such as stopping hiring, slowing growth or reducing costs. Stocks are also losing value.
Snapchat fell short of expectations
Snapchat, one of the important names in the social network market, reached 347 million active daily users in the second quarter of the year, slightly exceeding expectations. Although it also sells hardware products such as glasses and drones, revenues fell short of expectations with $1.11 billion.
Netflix continues to bleed: Another million subscribers lost
Shares lost 2 cents due to the continued poor performance during the quarter. While the company will distribute a dividend of 500 million dollars, the founders of the company will only receive an annual salary of 1 dollar according to the new contract.
Due to the bad economy, Snapchat decided to slow down its hiring and operations spending. Shares fell 43 percent in May when it announced it would fall short of expectations. It fell another 25 percent with the quarterly charts. Although there is a subscription system for the upcoming period, Snapchat still cannot reveal a clear picture.
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