Changes to advertising environment impacting Snap results

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Snap Inc. said changes to its advertising platform hurt demand for ads, and warned results in the next quarter could fall below Wall Street’s targets.

“Our community continues to grow, reaching 383 million daily active users in Q1, and we are working to deepen engagement with our content platform while building innovative new features and services like My AI,” said Evan Spiegel, CEO. “We are working to accelerate our revenue growth and we are using this opportunity to make significant improvements to our advertising platform to help drive increased return on investment for our advertising partners.”

First quarter revenue was $989 million, compared to $1,063 million in the prior year, and the next loss was $329 million, compared to $360 million in the prior year.