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Snap posts deeper Q3 loss as revenue takes hit from weaker ad budgets

Snap posts deeper Q3 loss as revenue takes hit from weaker ad budgets

Snap Inc. reported a wider third-quarter loss compared with a year ago as revenue grew slower than expected. The Santa Monica, California-based company, which operates the photo- and video-sharing app Snapchat, on Thursday posted a third-quarter net loss of $360 million, hit by a $155 million restructuring charge due to company layoffs. Shares of Snap (NYSE: SNAP), which released its results after the close of markets in New York, fell 25% in after-hours trading.