Snap stock charts7/19/2023 ![]() Snap shares plunged over 25% in extended trading on Thursday to end a five-day winning streak, and have yet to recover from the previous quarter’s earnings disappointment.Snap go the media stocks Snap is on a streak of earnings misses and its bumming out other social media investors, who are fearing the declining ad demand will spread to their portfolio too. Hold onto your hats folks, this earnings season could be rough. The dire earnings follow a similarly bearish Q2 and mean Snap is now down over 83% YTD, while also sending a shudder down the spine of investors in other ad-dependent platforms like Google and Meta, which dropped 3% and 5% respectively. For a second quarter, Snap didn’t offer guidance but did say that revenue growth will continue to slow.In a letter to shareholders, Snap confirmed advertisers are continuing to significantly pull back on spending thanks to both Apple’s privacy changes and inflation. On top of slowing revenue growth, net losses ballooned 400% to $360m, which included its restructure and its mass layoffs. ![]() Widening losses and digital ad distress were what pricked the bear's ears.It came after the embattled company reported earnings, and while EPS of $0.08 beat estimates for a $0.02 loss and daily active users rose 19% to top estimates at 363m, revenues of $1.13bn were shy of expectations. ![]()
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