MARKET MISS: Snap shares plunge after disappointing Q2 results
Going forward, Snap Chief Financial Officer Derek Anderson said the company would "substantially slow" its rate of hiring, "effectively pause" its headcount growth and cut back on its non-personnel-related operating expense growth. The company also said it would continue to invest heavily in its platform, products and direct-response advertising business to "build a path to free cash flow break-even or better.
Snap Inc. shares plunged 38% during Friday's trading session after the social media giant reported disappointing second-quarter earnings results. Oppenheimer analyst Jason Helfstein told clients in a note on Thursday that Snap is "now facing too many to underwrite stock in the medium-term" before even factoring in consumer spending. The firm has downgraded Snap stock from "outperform" to "perform" and removed its 12-month price target of $22 per share.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Snap Stock Plunges 25% After Posting $422 Million Q2 LossSnap posted a $422 million loss and “substantially” reduced hiring rate in its Q2 earnings report released Thursday, prompting its share price to fall 26% in after-hours trading. From _pheebini:
Baca lebih lajut »
Deaths from TikTok, Snapchat challenges highlight dangerous side of social mediaTwo families are suing social media companies after their kids died trying various challenges and buying drugs laced with fentanyl on those platforms.
Baca lebih lajut »
Gold on track to snap 5-week losing streak as price rises for 2nd dayAnalysts are wondering whether the yellow metal has finally found a bottom.
Baca lebih lajut »
STOCK MARKET NEWS: Snap drops, Futures lower, Gas trend continuesStock futures give back gains and Snap shares fall on results. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Baca lebih lajut »
Snap isn’t happy with how much money it’s makingSpiegel will stay another four years to help turn things around.
Baca lebih lajut »
U.S. stock futures push lower, with disappointing Snap results weighing on the tech sectorStocks are headed for firm weekly gains, but the tech sector was set to come under pressure after weak results from Snapchat parent Snap.
Baca lebih lajut »