Snap Inc. (NYSE:SNAP) shares are trading lower by $4.82 (20 percent) at $18.20 in Thursday's session. Investors are abandoning the stock after its first-ever earnings report since becoming public on March 2.
After Wednesday's close, the company reported Q1 EPS loss that was $2.17 more than expected; The fact that sales were $149.64 vs. $38.79 million in the prior year period doesn't really seem to matter.
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Following a lower open, Snap's stock continued in that direction but found support ahead of the pre-market low ($17.04), only reaching before mounting a rebound. The initial surge off the low took it to $18.50, but retreated to the $18.00 area.
It should be noted that the Street's original pricing for the stock was in the $17.00-18.00 range, exactly the area where it bottomed so far in today's session. That's compared to its opening day price of $24.00 and even farther below its all-time high ($29.44) that was made in its second day of trading.