Snap Shares Sink 25% As Growth Falters: “Our Financial Results For Q2 Do Not Reflect Our Ambition,” Says CEO Evan Spiegel

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Snap shares plunged after hours Thursday as rocky quarterly numbers spooked the street. Snapchat’s parent company said net losses ballooned to $422 million for the three months ending in June from $152 million last year.Adjusted EBITDA was $7 million, compared to $117 million and free cash flow was a negative $147 million, compared to negative $116 million.Revenue rose 13% to 1.1 billion, one of the slowest growth quarter ever for the social media platform.Daily active users increased by 18% or 54 million to 347 million — up both sequentially and year-over-year in North America, Europe, and Rest of World.“While the continued growth of our community increases the long-term opportunity for our business, our financial results for Q2 do not reflect our ambition,” said CEO Evan Spiegel. “We are evolving our business and strategy to reaccelerate revenue growth, including innovating on our products, investing heavily in our direct response advertising business, and cultivating new sources of revenue to help diversify our topline growth.”Snap declined to give any financial guidance for the current third quarter “given uncertainties related to the operating environment.”Execs are holding a call at 5 pm ET to discuss the numbers.Broadcast networks’ fall lineups and schedulesNew and returning series on broadcast, cable and streamingSeries that made it or didn’t make it in 2021-22