What's Going On With Snap Stock Ahead Of Earnings?

Snap, Inc. (NYSE:SNAP) shares are trading higher Tuesday ahead of the company’s fourth-quarter earnings release. Here’s a look at what’s going on.

The Details:

Snap said on Monday it would cut 528 employees, or 10% of its global workforce. The company expects severance and related costs in a range of $55 million to $75 million and for the majority of the costs to be incurred in the first-quarter of 2024.

Snap is set to report its fourth-quarter financial results after the market close on Tuesday and will host a conference call to discuss the results at 6:00 p.m. ET the same day. According to estimates from Benzinga Pro, Snap is expected to report earnings of 6 cents per share and quarterly revenue of $1.375 billion.

Investors are eagerly anticipating Snap’s earnings report following fellow social media platform Meta Platforms, Inc.’s (NASDAQ:META) better-than-expected fourth-quarter earnings last week.

According to data from Benzinga Pro, shares of Snap are trading above the stock’s 50-day moving average of $15.88 and near its 52-week high of $17.90.

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SNAP Price Action: According to Benzinga Pro, Snap shares are up 2.84% at $17.23 at the time of publication.

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