Shares of the parent company of Snapchat were down on Thursday following the earnings report.
The stock is down 20% Thursday afternoon, to $18.29, hovering just above the company's March IPO price of $17. They set a "neutral" rating on the stock. They issued a "hold" rating and a $22.00 target price on the stock. Thursday morning it was still down more than 21 percent in premarket trading. Stock traders acquired 18,552 put options on the stock. But when its IPO was announced in March, it had said that daily active Snapchat users during December were 161 million, on an average. The company's market capitalization is $11.95 billion.
Users created more than 3 billion snaps daily on average during the first quarter, up from more than 2.5 billion during the third quarter of 2016, the company said. The company reported ($2.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.05) by $0.26. Revenue was also lower than expected with the company bringing in $149.6 million in the quarter instead of the $159 million that analysts expected. While the firm acknowledges that Snap's first earnings report will be a hurdle in the short term, it sees "the low rate of monetization and the high rate of engagement enabling revenue growth and margin leverage over the long-term".
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The call marked Spiegel's debut as an executive publicly answering questions about his company, after much practice during Snap's IPO roadshow with investors behind closed doors.
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Investors are disappointed with Snap.
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Not all bad news however for the picture messaging app. Snapchat a 286 percent increase in revenues, as the group's advertising operation increased rapidly. First Trust Advisors LP purchased a new position in Snap during the first quarter valued at about $10,130,000.
Earlier today, Snap Inc. The Company's flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap.
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