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Snap shares hammered after US$2.2b loss
14 May 2017, 12:55 | Frank Carlson
Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange in New York U.S
The slow user growth is not an insurmountable obstacle for Snapchat, but one thing is certain: any "inorganic" growth they exhibit will most likely be shadowed by Facebook, including acquiring other apps with key stand-out features.
Snap shares plunged to $17.59, their lowest since the initial public offering on March 2, wiping off more than $6 billion of its market value.
Losses ballooned to $2.2 billion, up from $104.6 million in the year ago quarter, due to one-time charges from the IPO and taxes, the Venice, Calif. company said.
Snap Inc., the parent company formerly known as Snapchat just released its first earnings report since its IPO, and the results aren't pretty.
Quarterly revenue exploded to $149.6 million in the first quarter, nearly a four-fold increase from the quarter before, but analysts were expecting revenue to reach around $158 million.
Snap has been diversifying the opportunities within its Snapchat app to drive revenue, adding its "Shows" feature to allow broadcasters and media partners to develop short TV-like content, as it looks to attract TV advertising dollars.
Instagram, owned by Facebook, has more than 200 million people a day using its Stories while WhatsApp Status, launched in February, has more than 175 million daily active users.
Snapchat is battling Facebook for users on multiple fronts. The stock dropped almost 20 percent in response to the company's first quarterly report following their IPO. "Just because Yahoo has a search box doesn't make it Google". Snap revealed user growth has slowed considerably in its first quarter that ended March 31. The company's revenue totaled US$149.6 million in the first three months of the year, up 286% year-on-year.
Asked if he feared Snap would be crushed by Facebook, Mr Spiegel replied: "You have to get comfortable with the fact that people are going to copy you if you make great stuff".
Vetr upgraded shares of Snap Inc (NYSE:SNAP) from a hold rating to a buy rating in a research report report published on Monday morning.
Kim called it a "rough" debut for Snap, by missing estimates for earnings, revenues and user growth.
Snap is learning the first brutal lesson of the market: A bad earnings report can send a company into a nosedive. Snap has a 52-week low of $17.59 and a 52-week high of $29.44.
"If we had just in the beginning encouraged snapchatters to add all their friends in (their) contact book instead of just few of them, they might be really uncomfortable creating snaps and adding them to their stories", he said, according to a transcript of the call.
Facebook eventually recovered; Twitter is still fighting to refute the Wall Street narrative.
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Active Volume Stock: Kohl's Corp. (KSS)
The range of a day's trading is high-low, and True Range expands into yesterday's close when it lands outside of today's range. Stocks with high EPS growth rates compared with year-ago levels suggest a company has products or services in strong demand.
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