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HomeBusinessSnap Inc First Quarter Earnings - CWEB.com

Snap Inc First Quarter Earnings – CWEB.com

snapchat1.jpg

Snap Inc First Quarter Earnings – CWEB.com

Today Snap Chat was down 25% in after-hours following the Huge $2.2 billion loss in first post-IPO quarter.

If it’s still down 25% when it opens tomorrow, you will have to seriously consider taking a bite to another minus 45% down.

Snap may have had a successful IPO, but that was pretty much wiped out after it reported its first-quarter earnings – where it completely whiffed on what Wall Street was expecting.

The company said it brought in $149.6 million in revenue in the first quarter this year. It also said it lost $2.31 per share, though most of that was due to expenses related to stock-based compensation. Meanwhile, analysts expected the company to report an adjusted loss of 16 cents per share on revenue of around $158 million. In short, it doesn’t look good – and it looks like its user growth came in soft as well.

The stock is down more than 20% in extended trading after it reported its first-quarter earnings. Snap has collapsed below $18 per share, now well short of the price it hit when it went public and very close to the $17 per share it priced at the IPO.

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