As a result, shares of SNAP stock are down 12.1% on Wednesday morning. Investors aren’t happy about Snap’s mixed earnings report today. The company says operating activities are keeping it from providing revenue or adjusted EBITDA guidance for Q1 2023. Making matters worse, Snap didn’t providing guidance in its latest earnings report. “We continue to face significant headwinds as we look to accelerate revenue growth, and we are making progress driving improved return on investment for advertisers and innovating to deepen the engagement of our community.” Snap’s Earnings Outlook Also, it’s roughly the same as Q4 2021.Įvan Spiegel, CEO of Snap, said the following in the earnings report: This came in below the $1.31 billion that analysts were expecting for the period. Unfortunately, investors in SNAP stock aren’t excited about the company’s Q4 revenue of $1.3 billion. Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe. However, it represents a 38% decrease from the 22 cents per share reported in the same period last year. That’s better than the 12 cents per share Wall Street was expecting for the quarter. The Snap earnings report starts with adjusted earnings per share of 14 cents. Perhaps more concerning, the company highlighted increased competition for advertising dollars, and we think SNAP may have been displaced by TikTok as the experimental platform of choice (which has become the 3rd platform behind META and GOOGL) and is now less able to garner outsized share of these incremental spending budgets as demand trends normalize.Snap (NYSE: SNAP) stock is on the move Wednesday as investors react to the company’s earnings report for the fourth quarter of 2022. "Our concerns are as follows: 1) As the overall demand environment slows, SNAP's ability to grow has contracted as incremental (and experimental) budgets have decreased.
"We found incremental concerns that temper our enthusiasm around the company's near- to mid-term growth prospects, and we are therefore downgrading SNAP to hold," Deutsche Bank Analyst Benjamin Black wrote in a note to clients.
In total, 12 Wall Street firms slashed their ratings on Snap shares today in a show of concern over future growth. The company’s 5Y monthly beta was ticking 1.09.
A look at today’s price movement shows that the recent level at last check reads 10.34, with intraday deals fluctuating between 10.22 and 10.70. at New York Stock Exchange in New York, the United States on March 2, 2017. (NYSE:SNAP) price is hovering lower on Monday, March 13, dropping -1.31 below its previous close. (a) The New York Stock Exchange (NYSE) (b) The Swiss Stock Exchange (SWX) (c) The London Stock Exchange (LSE) (d) The National Stock Exchange (NSE) 127.
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