Snap (NYSE:SNAP) stock is falling on Wednesday as investors react to the social media company’s earnings report for the fourth quarter of 2023.
The news sending SNAP shares lower today includes the company’s revenue of $1.36 billion in Q4. That’s below Wall Street’s estimate of $1.38 billion in revenue for the period. Yet it’s a 5% increase year-over-year from the company’s previous revenue of $1.3 billion.
Also not helping SNAP stock is the company’s adjusted earnings per share of 8 cents. That’s despite it beating out analysts’ estimates of 6 cents per share for the quarter. This is due to it falling 43% from the 14 cents reported in the same period of the year prior.
SNAP Stock Outlook
The latest Snap earnings report also includes its outlook for the first quarter of 2024. The company is expecting revenue for the quarter to range from $1.095 billion to $1.135 billion. At the midpoint of $1.115 billion in revenue, this is below Wall Street’s estimate of $1.12 billion.
To go along with that is the company’s guidance for Adjusted EBITDA during that same quarter. It’s expecting this to be between -$55 million and -$95 million.
SNAP stock is down 30.1% as of Wednesday morning, with some 5 million shares changing hands. The company’s daily average trading volume is about 24.8 million shares.
Investors seeking out more of the latest stock market coverage are in the right place!
We offer all of the most recent stock market stories traders will want to read about on Wednesday! A few examples include why shares of MicroCloud Hologram (NASDAQ:HOLO) and MariaDB (NYSE:MRDB) stock are up today, as well as the biggest pre-market stock movers this morning. You can find all of that news at the following links!
More Wednesday Stock Market News
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not have (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.
