Japan Hour - Gaia Series 98: MUJI, Behind the Scenes
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CNA
2 hours ago
- CNA
Snap's revenue growth slowest in over a year as competition, ad platform glitch hurt
Snap on Tuesday reported its slowest quarterly growth in more than a year, hurt by a temporary glitch in its ad platform and advertiser preference for bigger rivals such as Meta, sending its shares down over 16 per cent in extended trading. The Snapchat-parent said it had resolved the error that unintentionally allowed some ads to run at much lower prices. Snap faces tough competition from the likes of TikTok and Meta-owned Facebook and Instagram, with advertisers preferring the larger platforms as they curtail marketing budgets amid economic uncertainty. Rivals Meta and Reddit reported upbeat second quarter results last week. "The digital ad tailwinds that propelled Meta and Reddit to blowout quarters turned into a light breeze for Snap," said eMarketer principal analyst Jasmine Enberg. Under different circumstances, investors might have overlooked its ad platform misstep, but "there is little room for mistakes," she added. Snap's quarterly revenue was also impacted by the timing of Ramadan, which influenced ad spending patterns. The end of the "de minimis" exemption - a U.S. duty-free import provision - also prompted some Chinese advertisers to reduce their marketing budgets. In April, ad revenue declined about 1 per cent before "largely recovering" through May, and triggering the company to roll out Sponsored Snaps - a new video ads format that appears in user inboxes - more broadly in June, said CFO Derek Andersen. The company said its expanded roll-out of Sponsored Snaps across the U.S. and several other global regions is driving more user actions and deeper engagement with ad content. The Santa Monica, California-based company reported second-quarter revenue of $1.34 billion, up around 8.7 per cent from last year and largely in line with estimates, but lower than the double-digit growth it recorded in the last five quarters. Its net loss widened to $263 million from $249 million a year ago. Small and medium-sized businesses were the largest contributors to ad revenue growth and its subscription service Snapchat+ remained a key driver for diversifying revenue beyond ads. Snapchat+ subscribers rose 42 per cent to nearly 16 million for the quarter ended June 30. Daily active users rose 9 per cent to 469 million, compared with estimates of 467.9 million.
CNA
4 hours ago
- CNA
Apple supplier Skyworks forecasts upbeat quarterly results on strong chip demand
Apple supplier Skyworks Solutions forecast fourth-quarter revenue and profit above Wall Street expectations on Tuesday, benefiting from steady demand for its analog chips amid economic uncertainty, sending its shares up around 10 per cent in extended trading. Demand for Skyworks' chips has remained strong, supported by their applications across industries such as automotive and mobile, even as global trade tensions raise concerns over supply chain disruptions and rising costs. "We're encouraged by the momentum in mobile and steady strength across our broad markets, driven by long-term growth trends in edge IoT, automotive and data center," CEO Phil Brace said. Skyworks designs and manufactures analog and mixed-signal chips used in wireless communication, automotive, industrial and consumer electronics. Earlier this year, the company named insider Robert Schriesheim as interim finance chief, after Mark Dentinger, who was initially set to assume the role, decided not to join. Skyworks forecast fourth-quarter revenue between $1 billion and $1.03 billion, compared with analysts' estimates of $887.4 million, according to data compiled by LSEG. The company expects fourth-quarter adjusted earnings per share of $1.40, ahead of analysts' expectations of 97 cents per share. For the third quarter ended June 27, Skyworks reported revenue of $965 million, beating expectations of $940.9 million.
CNA
5 hours ago
- CNA
Snap records slowest revenue growth in over a year amid tough competition for ads
Snap on Tuesday reported second-quarter revenue growth that was the slowest in more than a year, a sign of growing competition from bigger social media rivals including Meta. Shares of the Snapchat parent slumped 15 per cent after the bell following the results. The company's results came after stellar performances by rivals, including Instagram and Facebook parent Meta Platforms and Reddit. The Snapchat-parent's second-quarter revenue rose 8.1 per cent to $1.34 billion, largely inline with estimates. The quarterly revenue was hit by changes to its ad platform, the timing of Ramadan and the termination of de minimis exemption or a duty-free import loophole in the U.S. The company said it had reverted the ad platform change that unintentionally allowed some ads run at much lower prices, hurting revenue growth in the reported quarter. Snap said its expanded roll-out of the new ad format — Sponsored Snaps, video ads that appear in user inboxes — across the U.S. and several other global regions is helping by driving more user actions and deeper engagement with ad content. Small and medium-sized businesses were the largest contributors to ad revenue growth and its subscription service Snapchat+ remained a key driver for diversifying revenue beyond advertising. Snapchat+ subscribers rose 42 per cent to nearly 16 million for the quarter ended June 30. Daily active users rose 9 per cent to 469 million, compared with estimates of 467.9 million. The company forecast third-quarter revenue between $1.48 billion and $1.51 billion, compared with analysts' average estimate of $1.48 billion, according to data compiled by LSEG. It expects quarterly adjusted earnings before interest, taxes, depreciation, and amortization to be between $110 million and $135 million, above estimates of $111.9 million.
