Bits: Daily Report: Snapping Back to Reality

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Snapchat’s founders, Bobby Murphy, left, and Evan Spiegel, at the New York Stock Exchange in March for Snap Inc.’s first day of trading.

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Justin Lane/European Pressphoto Agency

Remember the blaze of hype that enveloped Snap when it went public in March?

If you don’t, you’re quite likely not the only one. On Wednesday, Snap, the parent company of the messaging app Snapchat, returned to reality in a big way when it announced its first earnings report as a public company.

The results were — how shall we put it? — not good.

Snap disclosed a whopping $2.2 billion loss. Its revenue numbers missed Wall Street expectations. User growth slowed. Spending rose. And…

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