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Snap shares tumble after it reports widening losses
September 21 2017, 07:45 | Geraldine Moore
Snap began floating on the U.S. stock market in March this year for an initial offer price of $17 a share.
Snapchat maker Snap Inc. missed Wall Street's expectations for its second quarter as a public company, sending its stock diving more than 16% in after-hours trading to an all-time low. The app's advertising revenue is growing - Snap made $US181.7 million ($231.2 million) last quarter - but the company still fell short of analysts' estimates.
Its losses for the quarter ballooned to $443 million, a almost fourfold increase from the same period a year earlier and worse than investors had expected. Snaps are viewed primarily through the Snapchat application, but can also be embedded on the Web or on television in certain circumstances. On average, equities analysts expect that Snap will post ($0.57) earnings per share for the current year.
On a per-share basis, the Venice, California-based company said it had a loss of 36 cents.
Revenue over the three months to the end of June was $181.7m, more than double the same period in 2016.
"It does not help the share price that the lockup on 782m shares expires this weekend (the lockup prevented some holders from selling their stock)", Jepsen said. Some investors believe that on an analyst conference call following the quarterly report, Spiegel may reassure investors that he has no immediate plans to sell. On their smartphone screens, users can now virtually scan their physical surroundings and see where friends are posting snaps and stories.
That's a combined 142 years of grooving meat footage, an average of close to 30 seconds for every Snapchat user. Summit Redstone reissued a sell rating and issued a $10.00 price target (down previously from $17.00) on shares of Snap in a research note on Thursday, July 27th. But, just last week, Facebook-owned Instagram touted 250 million daily users of its stories feature, a replica of Snapchat's stories that launched one year ago. Only a few minutes into Snap's earnings call Thursday, Evan Spiegel mentioned the popular hot-dog filter his company introduced last month, saying it may be "the world's first augmented-reality superstar".
Snap Inc. provides technology and social media services. NN Investment Partners Holdings N.V. raised its stake in shares of Snap by 6.3% in the second quarter. The legal version of this article can be accessed at https://www.baseball-news-blog.com/2017/08/09/snap-inc-nysesnap-rating-reiterated-by-wells-fargo-company-updated-updated.html. Furthermore, Snap'sdaily active users grew just 4 percent from the previous quarter and 21 percent year-over-year worldwide.
"I think it's been quite unfortunate for Snap that Facebook has been so aggressive in how they have gone after Snap features", Blau said.