“While the growth trajectory for ad spend across the social media space has come to a halt, we believe SNAP remains better positioned than most to monetize the platform long term given healthy user engagement levels, an attractive installed base/young audience, and efforts in AR,” Zino wrote. The stock is down 64.9% year-to-date.įollowing the earnings release, CFRA Research said it maintained a Hold opinion on the stock and reduced the 12-month price target on the shares to $15 from $18.Īngelo Zino, senior equity analyst at CFRA Research, wrote in a note sent to GOBankingRates that “we are growing more concerned about business prospects given macro issues and rising competitive pressures, which is hurting advertiser budgets and creating lower bids per action.” Snap shares closed up 5% on July 21, but tumbled more than 26% in after-hours trading on the results, according to The Wall Street Journal. “We are evolving our business and strategy to reaccelerate revenue growth, including innovating on our products, investing heavily in our direct response advertising business, and cultivating new sources of revenue to help diversify our topline growth.” “While the continued growth of our community increases the long-term opportunity for our business, our financial results for Q2 do not reflect our ambition,” Evan Spiegel, Snap CEO, said in the earnings release. Looking To Diversify in a Bear Market? Consider These 6 Alternative Investments ![]() ![]() Learn: How To Invest Like a Millionaire During a Bear Market Snap shares were down 38.89% on July 22, following disappointing second-quarter earnings – a quarter which “proved more challenging than we expected,” according to a July 21 letter to investors.
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