Published: Sat, May 13, 2017
Markets | By Erika Turner

Snap Plunges on First Earnings Report as Public Company

Drexel Hamilton assumed coverage on shares of Snap in a report on Tuesday, March 21st. Goldman Sachs Group Inc assumed coverage on shares of Snap in a report on Monday, March 27th. Eight analysts have rated the stock with a sell rating, seventeen have issued a hold rating and seventeen have issued a buy rating to the company.

The companys stock dropped 23 percent in after-hours trading following the report, wiping a staggering $6 billion off the companys value, according to Reuters. The stock had a trading volume of 131,603,899 shares. The company has a 50 day moving average price of $21.78 and a 200 day moving average price of $21.81. The firm's market capitalization is $15.10 billion.

As a result, Spiegel and fellow co-founder Bobby Murphy - who are the biggest shareholders in Snap - each saw more than $1 billion of their wealth disappear.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 10th.

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It marks a slowdown from the 47.7 percent rise for the fourth quarter and 62.8 percent jump for the third quarter that the company reported in its IPO filing. As of December 31, 2016, on an average, 158 million people used Snapchat every day to Snap with family, watch Stories from friends, see events from around the world, and explore curated content from publishers.

The company did manage to meet expectations for average revenue per user, which was 90 cents. Analysts expect that Snap will post ($0.54) EPS for the current fiscal year. If you are accessing this news story on another website, it was copied illegally and republished in violation of USA and worldwide trademark and copyright law. The correct version of this piece can be viewed at Lansdowne Partners UK LLP bought a new stake in shares of Snap during the first quarter worth $11,415,000. Finally, Geneva Advisors LLC purchased a new position in Snap during the first quarter valued at about $406,000.

"They need to acquire the next Snapchat - companies that are doing one thing right", Britton said. And now I think with Snap, with our company, we believe that everyone is going to develop a camera strategy. Last year, the company was rebranded as Snap Inc and moved into the hardware space with Spectacles, colourful sunglasses that record short clips to post on Snapchat.

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