Snap shares plummet as investors mark down first earnings report
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SNAP Inc shares plunged on Wednesday after the owner of Snapchat reported slowing user growth and revenue in its first earnings report as a public company, missing Wall Street's estimates as it competes with copycat messaging apps.
Snap's revenue jumped nearly four-fold year-over-year to US$149.6 million but fell short of the average analyst forecast of US$158 million, according to Thomson Reuters. Revenue was also down from the fourth quarter of 2016, a seasonally stronger period for ad sales, when it was US$166 million.
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