Snap Plummets Following First Earnings Report, Stock Nears IPO Price

Snap Inc. (SNAP - Free Report) released its first-quarter 2017 financial results, posting a loss of $2.31 per share and revenues of $149.6 million.

Currently, SNAP is a Zacks Rank #3 (Hold), but this ranking could change based on today’s results. The stock was down 19.97% to $18.39 per share in after-hours trading shortly after its earnings report was released.

Snap:

Beat earnings estimates. The company posted earnings of -$2.31 per share, beating Street estimates of -$2.33.

Beat revenue estimates. The company saw revenue figures of $149.65 million, beating our consensus estimate of $146.42 million.

Quarterly revenue of $149.648 million was up 286% year-over-year. Daily active users grew 36% to 166 million. DAUs were also up 5% quarter-over-quarter. Average revenue per user grew 181% to $0.90.

Snap Inc. spent about $805.9 million on research and development this quarter. Total costs and expenses totaled nearly $2.36 billion.

Here’s a graph that looks at Snap’s price movement since its IPO:

Snap Inc. Price

Snap Inc. Price | Snap Inc. Quote

Snap Inc. provides technology and social media services. The Company's principal product Snapchat, is a camera application that helps people to communicate through short videos and images. Snap Inc. is headquartered in Venice, California.