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Snap misses quarterly expectations

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Snap's quarterly top- and bottom-line results missed expectations.

The company reported an adjusted loss of 2 cents per share. Analysts expected a loss of 1 cent per share. Revenue of $1.11 billion was lower than projections of $1.14 billion.

Snap additionally announced a newly authorized stock buyback program of up to $500 million.

Read more from CNBC.

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