Snapchat owner suffers stock slump as investors doubt growth potential

The owner of Snapchat narrowly missed Wall Street’s expectations as it continues to grapple with a slowdown in digital advertising. Shares in the social media company tumbled by nearly a third.While Snap said it was “encouraged by the progress we are making”, it cited factors including the conflict in the Middle East, which knocked its business.Snap’s sales rose 5% to $1.36bn in the three months to 31 December, falling short of the $1.38bn expected by analysts. Net losses narrowed from $288m to $248m.Invest ...