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Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings
11 August 2017, 03:44 | Cameron Gross
Snap shares have been trending down for several months, with Morgan Stanley analyst Brian Nowak putting out word that Snapchat advertising products were not catching on as quickly as had been expected. Goldman Sachs Group, Inc. That figure was equal to the revenue per user Snap posted in the fourth quarter of a year ago.
Snap (SNAP) is set to report its second-quarter earnings after the bell and it has a lot to prove to investors. In short-term trading at the August 11 weekly expiration, calls have been active at the 13.5 strike price, while puts have been active at the 12 and 12.5 strikes. Shares dropped below their IPO price of $17 for the first time on July 10, closing at $16.99.
Its DAUs rose to 173m in the quarter from 143m in the year-earlier quarter and 166m in the previous quarter. (The) reaffirmed a "buy" rating and set a $28.00 price objective on shares of Snap in a research report on Thursday, May 11th. US Bancorp DE acquired a new stake in shares of Snap during the first quarter worth about $101,000.
Global Equities Research analyst Trip Chowdhry stamped Snap "total junk", arguing that it lacks the fundamentals to succeed. 32,885,013 shares of the company's stock were exchanged. Vanguard Group Inc. purchased a new stake in shares of Snap during the first quarter worth about $152,135,000. The company has an average rating of "Hold" and a consensus price target of $20.95.
Snap is trading 0.88% lower on Thursday, as investors look ahead to earnings.
Revenue over the three months to the end of June was $181.7m, more than double the same period in 2016. BlackRock Inc. acquired a new position in Snap during the first quarter worth about $211,934,000.
Traders are now paying an annualized interest rate of 3.5 per cent to borrow Snap shares in order to short them far less than rates over 70 per cent ahead of that lockup expiry, according to S3 Partners, a financial analytics firm.
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Spiegel was more forward with the company's strategies on Thursday, saying Snap's focus will be on building creative tools that give users more ways to create snaps.
Snap Inc.'s flagship product, Snapchat, has suffered from unfavorable comparisons to Facebook'sInstagram Stories, which is a clone meant to compete for the company's users.
Snapchat sold an estimated 62,000 Spectacles during Q1 of 2017.
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