Snap tumbles as second set of earnings disappoint


Piper Jaffray Companies dropped their price objective on shares of Snap from $16.00 to $14.00 and set a neutral rating for the company in a research note on Thursday, May 11th.

Snap shares were down 13.36 per cent at $11.93 in extended trading. The percentage-based deceleration was largely dismissed as the impact of a fast-growing user base that made future growth look relatively weaker. They noted that the move was a valuation call. "We believe deeply in the long-term success of Snap".

Snap has struggled since going public in March amid concerns about disappointing user growth, mounting losses, and the end of its stock lock-up period, which opens the door for insiders to sell their shares.

In light of the 20% plunge shares of Snapchat-parent Snap Inc (NYSE:SNAP) suffered following the mid-May release of its first-quarter numbers, SNAP stock holders were understandably nervous as Thursday's closing bell approached.

The prepared meal company Blue Apron, which started trading in June, has also lost much of its value.

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Daily users of Snapchat increased to 173 million, but analysts had expected a couple of million more.

DAUs were 143 million in the year-earlier quarter and 166 million in the previous quarter. Equities analysts predict that Snap will post ($0.56) earnings per share for the current fiscal year.

Mr Spiegel said the company was making "a lot of progress". "Until they do, investors will likely continued to be disappointed". But daily active users increased sequentially just 4%, or by 7.3 million users. Accern also assigned news coverage about the company an impact score of 44.5509764423225 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the stock's share price in the next several days. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

Even a dancing hot dog can't get people excited about Snapchat again. It scored a viral hit with its dancing hot dog augmented reality feature, but that fad has come and gone. It's something parent company Snap Inc. should be very anxious about. Snap doesn't provide guidance about its expected performance. Chief among those tactics was making the app more accessible to Android users. The stock's market capitalization is $15.77 billion.

"There is no technology platform that is specializing on a vertically focused video content network at the scale that Snapchat has targeted", Won said. With that, those analysts have also cautioned that a large number of companies will be vying for related revenues and that many businesses have also developed similar offerings and features. The company earns some revenue from branded or sponsored filters and lenses, but the bulk comes from advertisements. And its losses continued to widen. Pacer Advisors Inc. raised its stake in shares of Snap by 8.3% in the second quarter.