Snap kicked off earnings season for social media and tech companies today on a sour note with solid user numbers but lower than expected revenue and a dim fourth-quarter outlook with sales expected to be flat. Shares are down nearly 25%
kicked off earnings season for social media and tech companies today on a sour note with solid user numbers but lower than expected revenue and a dime outlook for the fourth-quarter where sales are expected to be flat. That forecast spooked the Street with Snap down over 25% in late trading.
Snap is seen as a bellwether for digital advertising ahead of numbers coming next week from Facebook parent Meta, Google parent Alphabet, Amazon, Twitter and others. Those stocks also lost some ground after-hours but nothing comparable.TikTok Confident Is On Path "To Fully Satisfy All Reasonable U.S. National Security Concerns"
Snap’s daily active users, or DAUs, hit 363 million, an increase of 19% form the year before and above the 358+ million anticipated. Net losses widened to $360 million — including restructuring charges of $155 million — from $72 million in the year-earlier quarter. Revenue up 6% at $1.128 billion was shy of forecasts. The one-time charge was due in large part to layoffs announced in August.“We are finding that our advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds, inflation-driven cost pressures, and rising costs of capital,” he said.
Snap’s numbers follow a tumultuous few months as two top advertising executives left for Netflix and the company in late August announced a restructuring with hefty layoffs. It had signaled plans to slow hiring and spending after a tough second-quarter report in July when it stopped providing financial guidance because “forward looking visibility remains incredibly challenging.” The volatile shares fell 25% then and continued to lose ground — down over 80% from a Sept. 2021 high.
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