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- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
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- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
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- Dominant England crush Scotland at Women's T20 World Cup
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- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
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- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
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- Pakistan to re-use Multan pitch for second England Test
- Blair and King Charles hail Salmond's 'devotion' to Scotland
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- England captain Stokes in line for second Pakistan Test return
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- Israel widens Lebanon strikes as troops fight Hezbollah along border
- Bowlers' graveyards: Pakistan's placid pitches under fresh fire
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- Vietnam, China to expand rail links, cross-border payments
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- Vietnam, China to boost economic, defence cooperation
- Winning start for Pochettino's American adventure
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- Pakistan frets over security ahead of SCO summit
- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
- Eight dead as heavy rain thrashes Brazil after long drought
- Jewish school in Canada hit by gunfire for second time
Snapchat gains users but continues to lose money
Snap shares plunged more than 16 percent on Thursday when a disappointing financial outlook eclipsed a rise in users of the image-centric social network Snapchat.
California-based Snap said its loss in the recently-ended quarter shrank to $249 million from $377 million in the same period a year earler, while revenue grew to $1.2 billion from $1 billion.
Snap touted hitting a milestone of more than 850 million monthly users in the quarter.
"We continued to scale our advertising platform with active advertisers more than doubling year-over-year," Snap chief executive Evan Spiegel said in an earnings release.
Investors appeared to focus on Snap's forecast that revenue would grow 12 percent to 16 percent in the current quarter, expecting more from the social network's ad platform.
Snap shares were down more than 16 percent to $10.73 in after-market trades.
In recent years, the company has been challenged to compete for ad revenue against Meta's Instagram, Google-owned YouTube and TikTok.
After its launch in 2011, Snapchat became a hit, particularly with young smartphone users, by letting people share photos or videos in messages that self-destruct after being viewed.
It also innovated with the use of filters for shared content, but an expansion into hardware such as drones and eyeglasses failed to gain traction.
Snap's generative artificial intelligence (AI)-powered Snapchat+ service now has 11 million subscribers, up from 7 million at the end of 2023, according to the company.
"We continue to invest in Generative AI models and automation for the creation of ML and AI Lenses," Snap said in the earnings release.
Early this year, Snap let go ten percent of its staff, saying it was "reorganizing our team to reduce hierarchy and promote in-person collaboration."
Its full year loss for 2023 was $1.4 billion.
C.Garcia--AMWN