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Snap, the Snapchat parent, has had a very difficult ride in the stock market since debuting in March. After pricing its IPO at $17 and then reaching highs of $27, the company has fallen to less than half that. After losing 14% of its value in a single day’s trading, Snap closed Friday at $11.83.
The growing social media company revealed on Thursday that it has 173 million daily active users, up over 20% since last year. But that wasn’t enough to impress Wall Street, which was expecting over 175 million users.
Analyst - Expectations - Stock - Price - Shares
Analyst expectations are always built into the stock price and missing them will cause shares to plummet. And Snap not only missed on user growth, but revenue and losses as well.
The company brought in $181.7 million in revenue, a 153% increase from last year, but investors were expecting more than $186 million. But losses also increased substantially, $115.9 million for last...
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