Snap (NYSE:SNAP) stock is on the move Wednesday as investors react to the company’s earnings report for the fourth quarter of 2022.
The Snap earnings report starts with adjusted earnings per share of 14 cents. That’s better than the 12 cents per share Wall Street was expecting for the quarter. However, it represents a 38% decrease from the 22 cents per share reported in the same period last year.
Unfortunately, investors in SNAP stock aren’t excited about the company’s Q4 revenue of $1.3 billion. This came in below the $1.31 billion that analysts were expecting for the period. Also, it’s roughly the same as Q4 2021.
Evan Spiegel, CEO of Snap, said the following in the earnings report:
“We continue to face significant headwinds as we look to accelerate revenue growth, and we are making progress driving improved return on investment for advertisers and innovating to deepen the engagement of our community.”
Snap’s Earnings Outlook
Making matters worse, Snap didn’t providing guidance in its latest earnings report. The company says operating activities are keeping it from providing revenue or adjusted EBITDA guidance for Q1 2023.
Investors aren’t happy about Snap’s mixed earnings report today. As a result, shares of SNAP stock are down 12.1% on Wednesday morning.
Those interested in more of the latest stock market news will want to keep reading!
InvestorPlace has all of the hottest stock news traders need to know about on Wednesday! That includes why shares of Invacare (NYSE:IVC), Marin Software (NASDAQ:MRIN) and TransCode Therapeutics (NASDAQ:RNAZ) stock are on the move. You can catch up on that at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.