Yahoo Finance Live's Dave Briggs look at Snap's stock after the social media company debuted its Snapchat+ feature.
By Yasin Ebrahim
Snap Inc, parent company of social media app Snapchat, has reached 1 million subscribers for its Snapchat+ premium subscription, the company said on Monday, after launching the service in June as a new source of revenue. Social media companies including Snap, Twitter Inc and Meta Platforms Inc , which all earn the majority of revenue from selling digital advertising, are facing a weakening ad market due to record-high inflation causing brands to reign in their marketing spending. Snap's shares dropped 25% last month after disappointing second quarter earnings, as it suffered from weaker advertising demand than Wall Street had expected.