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Snap falls 17% as revenue and daily user growth disappoint

12 August, 2017, 00:08 | Author: Priscilla Morrison
  • Snapped

FMR LLC bought a new stake in shares of Snap during the first quarter worth about $737,133,000. In the second quarter, Snap added a maps function for users to see where friends are, as well as a search section. Essex Investment Management Co. Snap has a 1-year low of $11.90 and a 1-year high of $29.44.

Snap (NYSE:SNAP) opened at 13.77 on Wednesday. The firm has a 50-day moving average price of $15.27 and a 200-day moving average price of $19.19. Neither plans to dump stock anytime soon, and the company has waved off rumors of a potential $30-billion acquisition offer from Google.

(NYSE:SNAP) by 6.3% during the second quarter, according to its most recent disclosure with the SEC.

"If you want to be a creative company, you have got to be comfortable with and basically enjoy the fact that people copy your stuff", Spiegel said on its first earnings call in May.

He also hasn't appeared overly concerned when Wall Street analysts question why the company's revenue growth is starting to slow even though it's still relatively small. The firm's revenue was up 153.1% on a year-over-year basis. On average, equities research analysts expect that Snap will post ($0.56) EPS for the current year. If you are reading this report on another publication, it was illegally stolen and republished in violation of USA & global copyright legislation. The correct version of this piece can be accessed at https://baseballnewssource.com/markets/snap-inc-snap-issues-quarterly-earnings-results/1435257.html.




Other research analysts have also recently issued research reports about the stock.

Snap has suffered from falling stock prices since floating on the United States share market earlier this year. Jefferies Group LLC reissued a "buy" rating and issued a $30.00 price objective on shares of Snap in a research report on Monday, April 17th.

Snap chief executive Evan Spiegel said during an earnings call that he and fellow co-founder Bobby Murphy "believe deeply" in the longterm success of the company and would not sell any of their shares this year.

Shares fell almost 8 percent to below $13 at one point in after-hours trading after closing at $13.77, up 21 cents on the day. Nine research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have assigned a buy rating to the company. Finally, Instinet restated a "reduce" rating and set a $14.00 target price on shares of Snap in a report on Friday, June 9th. Since then, Snap has worked to court advertisers and media outlets looking to connect with the company's younger audience, who have been drawn to its ephemeral messages, creative filters, and short-form content.

Snap Inc.'s flagship product, Snapchat, has suffered from unfavorable comparisons to Facebook's Instagram Stories, which is a clone meant to compete for the company's users.

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