Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Snap is back within cents of its IPO price

Published 05/10/2017, 05:43 PM
Updated 05/11/2017, 09:13 AM
© Google

After-hours, the stock is hovering just above $17, down 24% after Snap's revenue and daily active user growth missed Wall Street expectations.

Snapchat stockGoogle (NASDAQ:GOOGL)

The company priced its stock at $17 when it went public on March 2. It opened trading at $24 after the IPO and has held fairly steady since. It closed regular trading on Wednesday at $22.98.

However, the stock plunged after the company's earnings, dropping down to near its original IPO price. Investors soured on the stock after Snap Inc (NYSE:SNAP). missed Wall Street expectations for its first quarterly earnings as a public company. Its Snapchat app reported that user growth slowed to its lowest pace in years.

Here are the key numbers from Snap's Q1 earnings:

  • EPS (adjusted): Net loss of $0.20 vs. $0.16.
  • Revenue: $149.6 million vs. $159 million expected, up 286% from $39 million in the year-ago period.
  • Daily active users: 166 million, an increase of 36% from 122 million in the year-ago period.
  • Net loss: $2.2 billion.

FOR MORE ON EARNINGS: LIVE COVERAGE OF SNAP'S INVESTOR CALL

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.