Shares in Snapchat owner slump 25% amid slowdown in ad revenue

Parent company Snap talks of incredibly challenging' conditions as it seeks new sources of revenue

Shares in Snapchat's parent company have fallen 25% after it confirmed investors' fears of a slowdown in advertising revenue for social media firms.

Snap painted a grim picture of the effects of a weakening economy on social media in quarterly results on Thursday and declined to make a revenue forecast in incredibly challenging" conditions, hitting its share price in after hours trading and setting off a chain reaction among listed rivals.