Snap forecasts weak revenue as big rivals threaten growth, shares slide

Snapchat's parent, Snap Inc., missed Q3 revenue expectations, causing an 18% drop in shares after-market. Competing with larger players like Meta and TikTok, the company has faced revenue pressures amidst high interest rates and tightened ad budgets. Although Daily Active Users rose, Snap's Q3 forecast fell short of Wall Street estimates.