Snap's stock cratered Wednesday after a bad earnings report, falling nearly to its IPO price.
After-hours, the stock is hovering just above $17, down 24% after Snap's revenue and daily active user growth missed Wall Street expectations.
The company priced its stock at $17 when it went public on March 2. It opened trading at $24 after the IPO and has held fairly steady since. It closed regular trading on Wednesday at $22.98.
However, the stock plunged after the company's earnings, dropping down to near its original IPO price. Investors soured on the stock after Snap Inc. missed Wall Street expectations for its first quarterly earnings as a public company. Its Snapchat app reported that user growth slowed to its lowest pace in years.
Here are the key numbers from Snap's Q1 earnings:
- EPS (adjusted): Net loss of $0.20 vs. $0.16.
- Revenue: $149.6 million vs. $159 million expected, up 286% from $39 million in the year-ago period.
- Daily active users: 166 million, an increase of 36% from 122 million in the year-ago period.
- Net loss: $2.2 billion.
FOR MORE ON EARNINGS: LIVE COVERAGE OF SNAP'S INVESTOR CALL
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