Snap Inc. projected revenue in the current quarter at the lower end of analysts’ estimates, signaling that improvements to the digital advertising business are taking longer than expected to pay off. The shares fell in extended trading.
Sales will be $1.07 billion to $1.13 billion in the period ending in September, the company said, compared with analysts’ average projection of $1.13 billion.
Second-quarter revenue was $1.07 billion, the Santa Monica-based company said Tuesday in a statement. That topped the average estimate of $1.05 billion, according to projections compiled by Bloomberg.