Snap Reports Weak Revenue, Joins ePlus, Cognizant And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

U.S. stock futures were mixed this morning, with the Dow futures trading almost flat on Wednesday.

Shares of Snap Inc. SNAP fell sharply in today’s pre-market trading after the company reported mixed fourth-quarter results.

Snap’s fourth-quarter revenue increased 5% year-over-year to $1.361 billion, which missed the consensus estimate of $1.38 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of 8 cents per share, which beat analyst estimates of 6 cents per share.

Snap guided for first-quarter revenue of $1.095 billion to $1.135 billion versus estimates of $1.12 billion. The first-quarter adjusted EBITDA is expected to be between negative $55 million and negative $99 million, which appears to be weighing on shares after hours.

Snap shares dipped 31.3% to $11.99 in pre-market trading.

Here are some big stocks recording losses in today’s pre-market trading session.

• fuboTV Inc. FUBO shares dipped 11.2% to $2.23 in pre-market trading after gaining around 4% on Tuesday.
• Diversified Energy Company PLC DEC shares fell 9.9% to $11.69 in pre-market trading after gaining around 12% on Tuesday.
• New York Community Bancorp, Inc. NYCB shares fell 9.3% to $3.81 in pre-market trading. Moody's downgraded New York Community Bancorp's credit rating to junk.
• Cognizant Technology Solutions Corporation CTSH shares tumbled 9.3% to $71.44 in pre-market trading after the company reported fourth-quarter financial results and issued guidance.
• KKR Real Estate Finance Trust Inc. KREF shares dipped 8.8% to $10.74 in pre-market trading following fourth-quarter results.
• Nyxoah S.A. NYXH fell 8.8% to $10.15 in pre-market trading.
• V.F. Corporation VFC shares declined 7.8% to $15.63 in pre-market trading after the company reported worse-than-expected third-quarter financial results.
• ePlus inc. PLUS shares fell 6.1% to $73.54 in pre-market trading after the company reported worse-than-expected third-quarter results.
• Weibo Corporation WB shares fell 5.1% to $8.58 in pre-market trading after gaining over 8% on Tuesday.
• Pinterest, Inc. PINS shares declined 4% to $39.41 in pre-market trading.

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