Here's Why Snap Is Moving 25% Lower

Snap Inc SNAP shares are trading lower by 29.75% to $7.58 Friday morning following Thursday’s third-quarter earnings report.

The company said it will not provide fourth-quarter expectations due to uncertainties in the operating environment but believes it is likely that year-over-year revenue growth will decelerate as it moves through the fourth-quarter. Snap also said total time spent watching content in the U.S. decreased 5% year over year.

What Happened?

Snap reported third quarter revenue of $1.128 billion, up 6% year-over-year. The total came in ahead of a Street estimate of $1.12 billion.

The company reported earnings per share of 8 cents in the third quarter, beating a Street estimate of a loss of 1 cent per share.

Meanwhile, CEO Evan Spiegel said Snap will continue to “navigate this volatile macroeconomic environment” moving forward with its community of 363 million daily active users...Read More

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According to data from Benzinga Pro, Snap has a 52-week high of $78.18 and a 52-week low of $7.58.