Snap CEO Says Mideast War Causing Some Advertisers To Pause Campaigns – “War Is Fundamentally Unpredictable”
Snapchat parent Snap hit a warning note on the ad front today, saying “forward visibility of advertising demand” is limited in part by reduced spending due to the Israel-Hamas war.
“We have had a number of primarily brand-oriented campaigns that paused spending in the early period at the onset of the war in the Middle East,” CEO of the social media platform Evan Spiegel told analysts on a call after third quarter financial results — raising the question of what’s in store from other media companies as earnings rolll out.
More from Deadline
“I will say that we have seen a lot of those campaigns resume and the impact to our daily run rate has reduced significantly as a result of that. But we also have seen a small amount of incremental camaign pauses trickle in more recently.”
“When we look back historically, for example to what we all experienced at the onset of the war in Ukraine and the impact that that had on business and the operating environment, we realized that war is fundamentally unpredictable.”
As a result, Snap didn’t issue formal financial guidance but did share an internal forecast for fourth quarter revenue in the range of $1.32 to $1.37 billion – up 2% to 6% from last year.
Revenue rose for the three months ended in September rose to $1.18 billion from $1.13 billion after falling earlier in the year for the first time since 2017, when it went public.
Best of Deadline
Sign up for Deadline's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
