The rise of the pandemic period on social media platforms is now over. We are starting to see the declines in user and income growth that we will see in 2020, if not for the pandemic.Snapchat crashed
According to the announced third-quarter charts, Snapchat increased its total daily active users to 363 million, growing 16 percent annually. Revenue grew 6 percent with $1.13 billion, and growth dropped to single digits for the first time in a long time.
While everything looks good up to this point, the real nightmare is in operating profit. The firm experienced a nearly 4-fold increase in losses of $360 million. The restructuring, announced in August, cost the company $155 million. This resulted in a higher operating loss. As it is known, the company will lay off 6,000 people.
Another critical situation is that the company could not reveal a clear vision for revenue in the fourth quarter. Since the end of the year is already prone to seasonal declines, the company will only be able to achieve the expected revenue towards the second half of the last quarter.
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