Snap fails again to beat expectations of Wall Street

San Francisco

SNAP went public in March in what was one of the tech industry's most highly anticipated initial public offerings (IPOs) of the year. Then the messaging and media company promptly posted dismal financial results for two consecutive quarters, piercing the hype.

On Tuesday, Snap continued to disappoint with its latest financial snapshot. The company reported revenue for the third quarter that missed Wall Street expectations and also posted a larger-than-expected loss, as well as high costs. In the aftermath, its stock plunged about 20 per cent in after-hours trading but recovered slightly.