Snap Provides Cautious Guidance Amid End of Perplexity Deal and Workforce Reductions
Snap reported Q1 earnings with a $0.05 loss per share and $1.53 billion in revenue, meeting expectations. The company ended its $400 million partnership with Perplexity and announced a 16% workforce reduction. The move, along with uncertainty from the Middle East geopolitical situation, led to a 4% drop in Snap's shares in extended trading.
Tickers: $SNAP
Topics: advertising AI earnings guidance layoffs