Why Snap Stock Was Sliding This Week
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Snap Inc. (SNAP) shares fell nearly 17% this week following its second-quarter earnings report, which revealed a revenue of $1.35 billion, a 9% year-over-year increase, but a deeper net loss of $263 million. The company also announced plans to raise $550 million through senior notes with a 6.88% interest rate, maturing in 2034. Despite the challenges, Snap expects to increase daily active users to 476 million and revenue between $1.48 billion and $1.5 billion in the third quarter.
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