Snap Inc. (NYSE: SNAP) released its first-quarter financial results after the markets closed Tuesday, and while investors were initially very positive on the stock, this quickly soured after markets opened Wednesday. While investors sent shares lower, analysts were more or less sidelined on the stock.
For this quarter, Snap reported a net loss of $0.10 per share and $320 million in revenue, which compared with consensus estimates of a net loss of $0.12 per share and $306.48 million in revenue. The same period of last year reportedly had a $0.17 per share net loss and $230.67 million in revenue.
During the quarter, daily active users increased to 190 million from 186 million in the previous quarter and 191 million in the first quarter last year.
At the same time, average revenue per user increased by 39% to $1.68, compared to $1.21 in the same period last year.
Looking ahead to the second quarter, the company expects to see revenues in the range of $335 million to $360 million and an adjusted EBITDA loss between $150 million and $125 million. The consensus estimates call for a net loss of $0.09 per share and $348.04 million in revenue for the quarter.
Twitter soared past analyst expectations when it reported earnings this week, and Facebook is scheduled to share its results after the close today.
Here’s what analysts had to say about Snap after the fact:
- Morgan Stanley raised its price target to $9 from $8.50
- Nomura maintained it as Neutral and raised its target to $10 from $9.
- Evercore ISI upgraded it to In-Line from Underperform.
- Canaccord Genuity maintained a Hold rating and raised its target to $13 from $9.50.
- Wedbush Securities maintained its Neutral rating with a $12.25 price target.
- JPMorgan raised Snap to Neutral from Underweight
Shares of Snap were last seen down 6% at $11.24, in a 52-week range of $4.82 to $15.67. The consensus price target is $9.81.
24/7 Wall St.100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
