Snap Records Its Worst Growth in Company History

Snap ripped the bandaid off in a quarterly report Thursday revealing its weakest ever quarterly sales growth in its six years as a public company.

The company reported $1.11 billion in revenue for the quarter which fell short of the $1.14 billion analysts expected. Making matters worse,

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Snap still managed to record decent daily active users growth but admitted Thursday’s results failed to meet the company’s expectations.

Though Snap didn’t mention Apple by name, the company said recent app store privacy changes were partly to blame for dwindling advertising revenues.

Snap’s stock price plummeted in reaction to the news, dipping more than 25%. Overall,

Snap said it plans to “substantially” reduce its rate of hiring moving forward in light of the troubling figures.