Here's Why Snap Is Moving

Snap Inc SNAP shares are trading lower by 19.14% to $10.12 Wednesday morning after the company reported third-quarter earnings results.

The company also received a number of analyst rating updates following the earnings print.

What Happened?

Snap reported second-quarter revenue of $1.07 billion, which was down 4% year-over-year. The revenue total came in ahead of a Street consensus estimate of $1.05 billion.

The company reported a loss of two cents per share, which beat a Street estimate of a loss of four cents per share.

Snap ended the second quarter with 397 million daily active users, which was up 14% year-over-year. The company said daily active users were up sequentially and year-over-year for North America, Europe and the rest of the global regions...Read More

What Else?

Snap's 4% year-over-year decline in revenue may concern investors, despite exceeding the Street consensus estimate. The overall decrease in revenue could signal challenges or weaker growth, leading to negative sentiment towards the stock.

However, positive aspects include improved engagement metrics, with daily active users in North America increasing sequentially for the first time since third-quarter 2022.

According to data from Benzinga Pro, SNAP has a 52-week high of $13.89 and a 52-week low of $7.33.