Snap forecast fourth-quarter revenue largely above estimates on Tuesday after posting better-than-expected revenue and user growth for the latest three months as efforts to revamp the ad targeting tools of its photo messaging app paid off. The results are welcome news for the Snapchat owner after hiccups in rolling out a new machine learning-powered technology for better targeting of ads and promotions hampered its growth in the first half of the year. They also signal that advertisers were returning to smaller platforms such as Snapchat after leaning on the likes of Facebook-owner Meta Platforms, whose wider reach and a diverse user base are considered a safer bet in a turbulent economy.
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