Snap and Twitter partly blamed advertising-industry headwinds for their poor quarterly results this week, renewing concerns of a broader slowdown in the online-ad market as its largest players are getting ready to report next week.
“We’re seeing the overall advertising pie grow at a slower rate,” Derek Andersen, Snap’s chief financial officer, told analysts Thursday after the parent of popular photo-sharing social-media app Snapchat posted its weakest-ever quarterly sales growth as a public company. Twitter, meanwhile, on Friday reported a surprise revenue decline that it said was due to advertising weakness and uncertainty related to its pending $44 billion acquisition by Elon Musk.
