Snap shares dive over 35% after weak financial results

Firm posts net loss of $248M in 4th quarter of 2023, more than $1.32B for entire year

By Ovunc Kutlu

ISTANBUL (AA) - US-based tech firm Snap saw its shares dive more than 35% on Wednesday amid weak financial results.

The company, which developed instant messaging app Snapchat, had its stock price plummeted to $11.32 per share around 11.30 a.m. EDT on the New York Stock Exchange. It closed Tuesday at $17.46, posting a daily loss of 35.2%.

The firm posted a net loss of $248 million in the fourth quarter of 2023 and more than $1.32 billion for the entire year, according to its financial results statement released late Tuesday.

The company said on Tuesday it will cut 10% of its global workforce, or around 500 employees.

According to CEO Evan Spiegel, Snapchat reached 414 million daily active users last year.

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