Snap is plunging after missing on earnings (SNAP)

12 August, 2017, 00:34 | Author: Marjorie Miles
  • Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

Vetr lowered Snap from a "buy" rating to a "hold" rating and set a $13.95 price objective on the a research note on Monday, July 31st.

The losses alone were steep. Analysts polled by Bloomberg had expected 175 million on average.

On top of these woes, Snap has a money problem.

This is not what Wall Street was hoping for.

The only reason Snap was able to go public in March with relatively little revenue, a scant track record and a insane rate of cash burn was that the company has been clever about repeatedly coming up with fresh ideas to keep its mostly young fans returning to the app.

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Public company investing is a stupid, rigged game. This quarter they were let down again.

At the moment, Google doesn't have a social media network that's actually popular and the digital advertising opportunities that could come from Snap and Google working together are worth considering.

While the doom doesn't spell imminent death, it's a sign that Snapchat could be relegated to the sidelines as a niche app for young people — or worse, a passing fad — rather than a major competitor for digital ad dollars like Facebook and yes, even the struggling Twitter.

Shares fell 16.7% in after-hours trading to $11.47, and have made new post-IPO lows.

If that's the case, it's time for Spiegel to rethink things. The only problem is that Facebook is crushing all newcomers. The user base grew by 21 percent over the past year to 173 million, which was slower than analysts had expected. A year ago, the company was adding more than 20 million users per quarter!

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The company will host a conference call with investors and analysts at 5 pm E.T. today. Monness Crespi & Hardt cut Snap from a "buy" rating to a "neutral" rating in a report on Friday. This is over 6x Snap's total user adds over the first half of this year.

So Facebook copied it. That's on par with both Facebook (49%), and Instagram (46%).

Humanity has now watched Snapchat's animated hot dog gyrate and breakdance more than 1.5 billion times. It is also making it easier for advertisers to use the app, analysts say.

As easy as it is to sound the death knell, put on a crying lens and declare that it's the end for Snap and Snapchat, this could easily just be growing pains for the company after rushing its IPO. That includes nearly a month when the gadget was available outside the United States for the first time, leading to vending machines standing forlornly ignored outside tourist attractions in the UK, France, Germany, Spain and Italy.

Nowak said Snapchat is also facing tougher competition from Facebook-owned Instagram, which has been offering similar services. Though they probably wouldn't be almost as nice as a breakdancing hot dog.

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Now, Snapchat has a third breakthrough filter: a dancing hotdog, that has gyrated virtually on people's screens around the world.



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