$SNAP -Snap Inc. Loses 25% of Market Cap on Q1 Earnings Report ($17.07)

Here is the link our Tweet, April 16th.

Three weeks ago we predicted $SNAP would trade down to $17 on May 10th, Q1 earnings announcement day. We are within .07 cents pre-market of our target, a 24% decline on the previous day close. A walloping!

Snap Inc. announced a massive loss of $2.2 billionΒ and a continued slowdown in user growth, while revenue fell below Wall Street’s expectations in its first earnings report as a public company.Β Snap reported 166 million daily active users in the latest quarter, an increase of just 36 percent from a year earlier.

We have never liked the prospects for Snap, the camera company. (really, a camera company?)

We continue to see big problems ahead, including many more yet to be launched lawsuits related to disclosure.

Our $8 year end target remains in place.

@Contrariansmind @iBullReport

 

 

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