Snap: stock snapped in two after warning
(CercleFinance.com) - Snap Inc.
(NASDAQ: SNAP), the owner of the Snapchat photo application, issued a warning last night that it would not meet its revenue targets.
The Santa Monica-based company announced on Monday evening that it expected to miss its revenue and operating profit targets for Q2, due to a faster and steeper-than-expected deterioration in the economy.
The company said last month that it was targeting revenue growth of between 20% and 25% for the current quarter and adjusted EBITDA of between zero and 50 million dollars, already slightly below the consensus.
Unsurprisingly, many Wall Street analysts decided to lower their earnings forecasts and target prices after this announcement.
In the first half hour of trading the share is down about 40% already.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
(NASDAQ: SNAP), the owner of the Snapchat photo application, issued a warning last night that it would not meet its revenue targets.
The Santa Monica-based company announced on Monday evening that it expected to miss its revenue and operating profit targets for Q2, due to a faster and steeper-than-expected deterioration in the economy.
The company said last month that it was targeting revenue growth of between 20% and 25% for the current quarter and adjusted EBITDA of between zero and 50 million dollars, already slightly below the consensus.
Unsurprisingly, many Wall Street analysts decided to lower their earnings forecasts and target prices after this announcement.
In the first half hour of trading the share is down about 40% already.
Copyright (c) 2022 CercleFinance.com. All rights reserved.