Snapchat Parent's Stock Plummets as Ad Platform Issue Hits Results
1. Snap reported $262.6 million net loss, missing earnings estimates. 2. Ad platform glitch caused reduced auction clearing prices. 3. Revenue growth hindered by Ramadan timing and new tax rules. 4. Daily active users increased 9% to 469 million. 5. Shares dropped 20%, losing a third of their value this year.