Snap's Revenue Miss Sends Stock Plunging 30%

Snap narrowly missed Wall Street estimates for quarterly revenue, announcing a focus on user growth and plans to lay off 10% of its staff to invest in company growth. The company's revenue in the fourth quarter was $1.36 billion, slightly below analyst estimates, and it forecasted first quarter revenue between $1.1 billion to $1.14 billion. Snap aims to shift its focus to growing Snapchat's user base and investing in key markets, with daily active users totaling 414 million in the fourth quarter and expected to grow to 420 million in the first quarter.