![]() However, the company’s net loss jumped 400% to $360m, from $71.96m in the same period 12 months previously.įor earnings per share (EPS), it recorded a loss of $0.22, beating analysts’ estimate of a $0.24 loss, as compiled by TipRanks. On 20 October 2022, Snap reported $1.13bn of revenue in the third quarter of 2022, a 6% increase YoY. Snap stock news: Disappointing 3Q earnings Short-term technical analysis showed bearish consensus sentiment, with the majority of daily, weekly, and monthly indicators suggesting a ‘sell’, according to TradingView. Rising interest rates have prompted investors to dump growth stocks, particularly tech stocks such as SNAP and META, in favour of safe haven assets such as gold.Īt the time of writing (2 November 2022), the stock has lost 78.4% of its value year-to-date ( YTD). It also posted its first quarter of positive income as a public company of $23m.īut the stock could not keep the gains for long. ![]() The company booked revenue of $1.3bn in the fourth quarter last year, a 42% increase on the previous year. However, the Snap stock’s market price managed to recoup its losses by surging more than 58% on 4 February 2022 after it reported strong fourth quarter 2021 earnings. The weak trend followed through 2022, when the stock opened at $47. The Snap stock value lost 6.07% during the roller-coaster ride in 2021. The record high level was short-lived and the stock set to a downtrend. The stock traded in a range of $70-$79 a share from the end of July to September 2021, before it hit an all-time high of $83.34 on 24 September. However, in the report, the company warned that changes to Apple's ( AAPL) iOS operating system could reduce the demand for and pricing of its advertising products. It posted a 116% year-over-year ( YoY) increase in revenue to $982m in the second quarter of 2021, and Daily Active Users (DAUs) increased by 23% to 293m. Snap's historical stock price data shows that it surged 23.82% to close at $77.97 on 23 July 2021 after the California-based company reported solid second-quarter performance. It continued its strong performance at least until the first seven months of 2021. Snap, which identifies itself as a camera company, surged 206.61%, closing 2020 at $50.07 a share. Confined at home due to lockdowns, people turned to social media for entertainment and shared messages. Snap, along with its social media peers Meta Platforms’ ( FB) Facebook and Instagram, benefited from robust user engagement during the Covid-19 pandemic. Snap stock analysis: Major price drivers and technical view Instagram came third.Īs the macroeconomic and competition headwinds are likely to stay, what are the chances for SNAP to recover? We look into the latest news, technical analysis and analysts’ views that may affect the Snap stock outlook. ![]() But the social media company known for the ‘ghost’ logo that represents its vanishing video and messages is facing fierce competition.īyteDance’s TikTok has surpassed Snap as the favourite social media platform among US teens, according to Piper Sandler’s fall 2022 survey Taking Stock with Teens. SNAP’s founder and CEO, Evan Spiegel, blamed deteriorating macroeconomic headwinds for the company’s gloomy outlook. The fall has shrunk the company’s market capitalisation to $16.53bn as of 1 November, down from $131.48bn in September last year, when the stock closed at an all-time high, according to data from. The second sell-off on 23 July saw the company’s share dived 39% following disappointing second-quarter results.Īs of 1 November 2022, the SNAP stock price closed at $9.93 or about 41.6% below its initial public offering (IPO) price of $17. On, the share crashed 43% to $12.79 a share, after the company revised its revenue and EBITDA targets for 2022 downwards. The stock price of Snap ( SNAP), the US-based operator of instant messaging application Snapchat, has been spiralling down after two big sell-offs within two months.
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