Snap misses revenue estimate, shares plunge 30%

Snapchat logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -Snap missed Wall Street estimates for quarterly revenue on Tuesday, as the Snapchat owner continued to struggle to compete against larger rivals for digital advertising revenue, sending its shares down 30%.

Though its features are often copied by competitors, investors have long questioned Snap's ability to hold its own against tech giants like Facebook owner Meta Platforms and Alphabet, which have more data to target ads.