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Snap issues cautious guidance as Perplexity deal ends, Middle East 'geopolitical situation' causes uncertainty
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- Here is how the company did compared with Wall Street's expectations:
- Snap's first-quarter sales rose 12% year-over-year while its net loss was $89 million, representing a narrowing of 36% from the $139.6 million it logged the previous year.
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Snap shares dropped about 4% in extended trading after the company reported first-quarter earnings on Wednesday and provided cautious sales guidance while revealing it no longer has a deal with the generative AI startup Perplexity.
Here is how the company did compared with Wall Street's expectations:
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