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Snap Inc Craters 20% After Its First Earnings Report

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Snap Inc Craters 20% After Its First Earnings Report
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Snap Inc (NYSE: SNAP) reported its highly-anticipated first-quarter earnings release after Wednesday's close, its first as a public company.

  • Snap reports Q1 EPS $(2.31) versus $(0.14) in the prior year period
  • Sales came in at $149.64 million versus $38.79 million in the prior year period
  • Daily Active Users grew to 166 million, up from 122 million in Q1 of 2016, representing a 36 percent increase
  • Average revenue per user was $0.90 in Q1, up 181% YOY

Shares of Snap were down nearly 19 percent to $18.70 in the after-hours session.

Snap was an IPO that saw incredible interest from the retail investor, who may learn a valuable lesson following the company's dismal earnings performance.

Snap saw strong trading and interest from retail investors follow its IPO in March. The company alone provided a big boost for TD Ameritrade.

Trades per day jumped to a record 517,000 and total revenue rose to $904 million. On TD Ameritrade’s conference call, CFO Steve Boyle credited Snap's IPO with boosting the revenue increase, calling it a “mega IPO.”

Posted-In: SNAPEarnings News After-Hours Center Movers Tech Best of Benzinga

 

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