Why Similarweb Shares Are Falling Following Snap Stock's Earnings Report

Similarweb Ltd. SMWB shares are trading lower by 10.5% to $9.68 Friday morning. Shares of digital advertising companies at large are trading lower following worse-than-expected second-quarter earnings from Snap Inc. SNAP.

Snap said second-quarter revenue increased 13% year-over-year to $1.11 billion, which missed the estimate of $1.14 billion, according to data from Benzinga Pro. The social media company reported a quarterly loss of 2 cents per share, which missed the estimate for a loss of 1 cent per share.

Given uncertainties related to the operating environment, Snap said it would not provide third-quarter revenue or adjusted EBITDA guidance.

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Similarweb Ltd. provides a platform for digital intelligence in the United States, Europe, Asia Pacific, the United Kingdom, Israel, and internationally.

According to data from Benzinga Pro, Smiliarweb has a 52-week high of $25.50 and a 52-week low of $7.60.