Snap Revenue Misses Estimates as Advertisers Pull Spending

Snap Inc. fell to its lowest level in more than two years after the company reported disappointing sales, roiled by a major slowdown in ad spending and rising competition for dwindling marketing dollars. Shares of Meta Platforms Inc. and Alphabet Inc. fell in tandem.

Second-quarter revenue grew 13% to $1.11 billion, the company said Thursday, falling short of analysts’ expectations for $1.14 billion. Snap told investors in May to disregard its initial growth guidance, which the company ultimately missed.