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Snapchat really needs more users
11 Agosto 2017, 08:29 | Benedicto Grullon
Snap Sees Unusually Large Options Volume (NYSE:SNAP)
On average, equities analysts expect that Snap will post ($0.57) earnings per share for the current year. Cowen and Company reaffirmed an outperform rating and set a $26.00 target price on shares of Snap in a research note on Tuesday, May 9th.
Shares of the Los Angeles company slumped almost 17 percent in extended trading.
Media stories about Snap (NYSE:SNAP) have been trending somewhat positive recently, Accern Sentiment reports.
"We believe that everyone is going to develop a camera strategy", Spiegel continued, before dropping what can only be described as an epic burn.
Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Snap CFO Drew Vollero noted on Thursday that the company's other revenues came in at $5.4 million, of which a "substantial amount" was driven by Spectacles.
Snap's stock, which was priced at $17 for its public offering in March, is now trading at less than $14.
Market watchers had expected the ranks of users to grow to 175 million, with Snap missing the mark.
But the number of daily active users drawn to Snap's core product - its disappearing message app - is what spooked investors. The analyst, Brian Nowak, said the company needs to do more so that advertisers don't see it as a mere experiment, but a serious player.
It happened towards the end of Snap's 60-minute call on Thursday, lending a comedic, and perhaps fitting, finish to the discussion about the business' underwhelming performance.
But that excitement seems to have died down, per some new sales data included in Snap's second-quarter earnings report.
Spiegel and Murphy's commitment to hold on to their shares will provide a slight boost of confidence for anxious investors, said James Gellert, CEO of RapidRatings, which assesses the financial health of companies.
Additionally, Spiegel said the company is working to stabilize the backend infrastructure of Snapchat'sAndroid app. As far as users are concerned - a metric investors are always concerned with - the company added 7 million new daily users for the quarter.
Snap executives, however, expressed confidence during an earnings call with analysts that fresh advertising tools and an increase in the amount of time people spend using Snapchat were among factors positioning the company to excel in the long term. Spiegel rejected a $3bn offer for the company in 2013. Analysts were collectively looking for a loss of 15 cents per share on revenue of $189.2 million.
Snap generated revenue of $181.7 million during its second quarter, which ended on June 30, compared to $71.8 million during the same quarter in 2016.
Snap said Thursday that it lost $443 million, or 36 cents per share, in the second quarter.
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