Snap Inc. co-founders Evan Spiegel and Bobby Murphy have seen their respective net worths drop precipitously in a year, Bloomberg reported Friday.
The company said it generated $1.13 billion in revenue in the third quarter, a 6% increase from the same period last year when it posted $1.08 billion. That metric came in below analyst estimates. Meanwhile, its net loss widened from about $72 million to $360 million.
and increased competition" affected Snap's revenue growth in the quarter, the company said in its quarterly investor letter. "We are finding that our advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds,Snap said it saw "decreased brand-oriented advertising spending" and "lower bids per action and lower overall campaign budgets.
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