FILE PHOTO: Snapchat app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Snap slumped more than 32% on Wednesday after fourth-quarter revenue missed Wall Street expectations, with the company struggling to compete for advertising dollars against heavyweights such as Meta and Alphabet.
The Snapchat owner's results are in contrast to strong advertising sales that rivals reported, a sign that advertisers are gravitating towards larger, stable companies amid an uncertain economy.
