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Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

11 Agosto 2017, 10:03 | Azura Castelo

Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

Snap 2Q 2017 earnings were released after closing bell tonight, and the company reported losses of 36 cents per share on $181.7 million in revenue.

Snapchat parent Snap Inc (NYSE: SNAP) reports second-quarter earnings after market close on Thursday, August 10.

Another number investors were paying keen attention to was the size of the company's user base. Snapchat's DAUs came in at 173 million, an increase of 7.3 million over the first quarter's 166 million.

Snap is down 26.47% since its initial public offering, not including Thursday's after hours plunge.

The brass at Snap kept talking about "early days" after announcing disappointing results, but investors reacted as if the end was near.

For a few months, Snap's stock stayed above its I.P.O. price. They debuted on the stock market at $17.

In after hours trading, shares of the company are down almost 13%.

Global Equities Research analyst Trip Chowdhry stamped Snap "total junk", arguing that it lacks the fundamentals to succeed.

Snap CEO Evan Spiegel's comments about "growth hacking" were not entirely satisfactory for one Wall Street analyst.Michael Kovac/Getty Images for Vanity FairA Wall Street analyst upstaged Snap CEO Evan Spiegel on the company's Q2 conference call thanks to a classic "hot mic" snafu.

Media stories about Snap (NYSE:SNAP) have been trending somewhat positive recently, Accern Sentiment reports.

What's more, 4 million of those new users came from the US and Canada, the market that's best monetized by Snapchat. Suffice it to say, the recent June quarter was an important one for Snap Inc., especially as Facebook continues to steal features from Snapchat and implement them with great success. Canaccord Genuity restated a "hold" rating and set a $22.00 target price on shares of Snap in a report on Friday, May 12th.

A focus on potential long-term gains instead of current financial performance is a common theme for Snap, which just began deriving revenue from its popular Snapchat app in 2015.

The share price fall extended a decline that started nearly immediately after Snapchat started trading on the stock market this spring.

Snap shares were down 13.36 per cent at $11.93 in extended trading. The company only added only eight million daily users that quarter, which was the smallest sequential add the company mustered in three years. Oppenheimer & Co. Inc. now owns 19,816 shares of the company's stock valued at $352,000 after buying an additional 3,447 shares during the period.



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