2024

April

Daily

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<p class="has-drop-cap">Snap Inc.’s stock (NYSE: SNAP) price plunged 30.13% to $12.19 on Wednesday, wiping out nearly a third of the company’s market value in a single trading session. The massive sell-off came after the social media firm <a href="https://investor.snap.com/financials/quarterly-results/default.aspx" target="_blank" aria-label="reported quarterly revenue (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">reported quarterly revenue</a> that fell short of Wall Street’s expectations despite growing 5% year-over-year to $1.36 billion. Daily active user growth also slowed to just 10% in the latest quarter versus a year earlier.</p>
<h3 id="snap-inc-shares-plummet-on-market-open">Snap Inc Shares Plummet on Market Open</h3>
<p>Before the plunge, Snap’s shares had closed the previous day at $17.45, giving the Snapchat parent company a market capitalization of $20.257 billion. Although revenue missed projections, adjusted <a href="https://tokenist.com/investing/fundamental-analysis-stocks/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share</a> of 8 cents exceeded analysts’ consensus estimate of 6 cents. The company trimmed its net loss to $248 million from $288 million in the prior year quarter.</p>
<p>Over the past year, <a href="https://tokenist.com/meta-snap-shares-dip-after-googles-ad-revenue-disappoints/" rel="noopener noreferrer nofollow" class="deco-link">Snap</a> added 38 million daily active users to reach 414 million in Q4. However, the 10% user growth represents a considerable slowdown from Snap’s robust expansion in previous periods. The company forecasts first-quarter 2024 revenue between $1.1 billion and $1.14 billion, equating to 11% to 15% year-over-year growth.</p>
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<h3 id="analysts-optimistic-on-long-term-prospects">Analysts Optimistic on Long-Term Prospects</h3>
<p>Despite the immediate downturn, analysts remain optimistic about Snap’s long-term prospects, setting a 12-month price target of $13.84 – a potential upside of over 13% from current levels.</p>
<p>Trading volume in Snap shares skyrocketed to nearly 22 million on the rocky earnings day, compared to the stock’s average volume of around 29 million shares. SNAP has traded in a wide 52-week range between $7.86 and $17.90 amid significant <a href="https://tokenist.com/investing/options-greeks/" rel="noopener noreferrer nofollow" class="deco-link">volatility</a>.</p>
<p>Snap is scheduled to report first-quarter 2024 financial results in late April. The company’s next earnings announcement date is projected between April 25 and April 29.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you see SNAP recovering in the long-term? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/snaps-stock-tumbles-as-growth-slows-and-revenue-misses-expectations/">Snap’s Stock Tumbles as Growth Slows and Revenue Misses Expectations</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Snap’s Stock Tumbles as Growth Slows and Revenue Misses Expectations

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