Shares of Snapchat parent Snap are more than 30 in late trading after the company said second quarter financials will disappoint Wall Street “as the macroeconomic environment has deteriorated further and faster than anticipated.”
In an SEC filing Monday afternoon after market close, Snap said revenue and adjusted Ebitda will come in “below the low end” of the range it guided investors to in April with its first quarter numbers.
“We remain excited about the long-term opportunity to grow our business. Our community continues to grow, and we continue to see strong engagement across Snapchat, and continue to see significant opportunities to grow our average revenue per user over the long term,” the company said.
On April 21, Snap reported daily active users jumped 18 to 332 million in the first quarter, beating Wall Street targets. But the advertising-dependent Santa Monica-based company also noted economic challenges from macro and supply chain issues,...
In an SEC filing Monday afternoon after market close, Snap said revenue and adjusted Ebitda will come in “below the low end” of the range it guided investors to in April with its first quarter numbers.
“We remain excited about the long-term opportunity to grow our business. Our community continues to grow, and we continue to see strong engagement across Snapchat, and continue to see significant opportunities to grow our average revenue per user over the long term,” the company said.
On April 21, Snap reported daily active users jumped 18 to 332 million in the first quarter, beating Wall Street targets. But the advertising-dependent Santa Monica-based company also noted economic challenges from macro and supply chain issues,...
- 5/23/2022
- by Jill Goldsmith
- Deadline Film + TV
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