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Snap on Tuesday reported its slowest quarterly growth in more than a year, hurt by a temporary glitch in its ad platform and advertiser preference for bigger rivals such as Meta, sending its shares down over 16% in extended trading.
The Snapchat-parent said it had resolved the error that unintentionally allowed some ads to run at much lower prices.
Snap faces tough competition from the likes of TikTok and Meta-owned Facebook and Instagram, with advertisers preferring the larger platforms as they curtail marketing budgets amid economic uncertainty….
