Despite laying off 20% of its workforce, Snap reports underwhelming Q3 earnings

The company’s first buyback program authorized up to $500 million of stock repurchases.

Snap, the parent company of social media platform Snapchat, reported underwhelming third-quarter earnings on Thursday, with less than 6% revenue growth. Shares of Snap fell 0.64% to $10.79, later plummeting to $7.89 after the market’s closing bell—a 26% drop.

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