Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

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US Bancorp DE acquired a new position in shares of Snap during the first quarter worth approximately $101,000. Finally, Jennison Associates LLC acquired a new position in Snap during the first quarter valued at about $119,178,000. Global X Management Co.

Snap Inc. operates as a camera company. It is clear to see the upper red resistance line and the lower green support line which will be penetrated when shares open for trading on Friday morning. Snap has a 12 month low of $12.83 and a 12 month high of $29.44. The company has market cap of $14.30 billion.

Recent options transactions imply traders expect a 15 percent one-day swing for the stock in either direction following the quarterly results.

Revenues climbed to $182m, more than double the figure for the same period a year ago - but investors had been looking for a figure of around $186m. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13.

Snap also missed its revenue estimates of US$185-million by just US$4-million this quarter. The business's revenue for the quarter was up 153.1% compared to the same quarter previous year. Revenue grew to $182 million, more than double the $72 million a year earlier but below analysts' expectations. Raymond James Financial, Inc. initiated coverage on Snap in a research report on Tuesday, April 25th. The legal version of this report can be read at https://www.themarketsdaily.com/2017/08/11/nn-investment-partners-holdings-n-v-raises-stake-in-snap-inc-nysesnap-updated-updated.html.

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Several research firms have commented on SNAP. Canaccord Genuity restated a "hold" rating and set a $22.00 target price on shares of Snap in a report on Friday, May 12th. Finally, Jefferies Group LLC restated a "buy" rating and issued a $30.00 target price on shares of Snap in a research report on Monday, May 22nd.

Even before the earnings report, Snap's stock had already fallen off a cliff since its hotly anticipated initial public offering earlier this year.

"The never-ending, doomsday narrative around Facebook's perceived impact on Snapchat remained a theme lurking in the background during the call", White wrote in his note to clients. "We believe deeply in the long-term success of Snap", Spiegel told analysts on a conference call - referring to himself and Snap's co-founder and chief technology officer Robert "Bobby" Murphy.

The share price fall extended a decline that started nearly immediately after Snapchat started trading on the stock market this spring. The stock debuted at $24, compared with its IPO price of $17.

The company was formerly known as Snapchat, Inc. and changed its name to Snap Inc.in September 2016. It offers Snapchat, a camera application that helps people to communicate through short videos and images.

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