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

Snap forecast current-quarter results below expectations on Thursday as the Snapchat owner grapples with stiff competition from larger rivals for advertising dollars in an uncertain economy, sending its shares down 18% after-market.

Its biggest competitors – Facebook and Instagram parent Meta Platforms and Bytedance’s TikTok – far outrank it in terms of scale and established advertiser relationships.