Millennials CRUSHED by Snapchat Earnings Fail

22 Mai, 2017, 00:51 | Author: Marc Bacque

After closing the day at $22.98, Snap's shares tanked 21.5% in overnight trading and continued to fall during trading on the New York Stock Exchange (NYSE) on Thursday, closing at $18.05, a loss in value of almost $6bn, according to The Guardian.

After announcing the disappointing results, shares of the company decreased over 20% to around $18 per share, which was just $1 above the IPO price.

For the fiscal first quarter, Snap reported a loss of $2.21 billion, higher than the net loss of $104.6 million it reported one year earlier, although the company said $2 billion of the costs were due to a one-time stock-based compensation tied to its initial public offering in March. An estimated 8 million new Snapchat accounts were created in the last quarter, the slowest user-growth quarter yet.

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"These changes allow us to continue evolving the Snapchat service and provide a foundation for introducing even more creative tools for making fun Snaps", the company noted in a blog post yesterday. Meanwhile, the company has been burning fuel, losing $2.2 billion in the quarter on revenue of $150 million. This is three times what it was at the same time a year ago but with a sharp decline from the previous quarter.

It's bad, but not unprecedented, reports the Los Angeles Times, noting Facebook stock fell 10% and Twitter stock fell 22% following the first quarterly earnings report after an IPO. Facebook was similar in 2012, with costs of $1.3 billion. Analysts are expected to closely watch what other news emerges in Snapchat's first earnings call today. The company's "man-child CEO" is the "most frightening issue for investors in its shares", who "have no recourse but to pay the tuition for the CEO's on the job training", he writes at Forbes, also citing Snap's "undisciplined growth strategy". "Facebook has released a series of Stories-like products throughout the past year, including Instagram Stories, Facebook Stories, WhatsApp Status and Messenger Day".

However by that time, Facebook's users were already 552 million or over three times the number of Snapchat.


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