(Bloomberg) -- Snap Inc. shares tumbled about 15% in premarket trading after the company projected its first ever quarterly revenue decline, casting a shadow over other advertising-dependent companies.

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The Snapchat parent said sales are expected to drop as much as 10% in the current period from a year earlier amid a flurry of changes to its advertising products. In the fourth quarter, sales were flat at $1.3 billion, marking the first-ever quarter of no growth since the company went public six years ago.

Snap kicked off a busy week of earnings for peers that rely on digital advertising for a majority of their revenue. Facebook parent Meta Platforms Inc. releases its results Wednesday after the market closes while Google parent Alphabet Inc. reports on Thursday. All three have been roiled by more than a year of upheaval prompted by Apple Inc.’s privacy changes that that made it more difficult to personalize and track the success of ads on their apps.

Snap is making changes focused on its direct-response business — ads that prompt users to take an immediate action like buying a product or signing up for an email list. That’s been a key piece of the company’s money-making operation, especially in recent quarters when economic uncertainty has led marketers to cut back on spending.

So far in the current period, Snap has seen a 7% decline in revenue compared to last year, according to a letter to investors.

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The company posted a net loss of $288.5 million, or 18 cents a share, including $34 million in charges from its workforce restructuring. That compared to a profit of $23 million, or one cent, a year earlier.