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 billion and a continued slowdown in user growth, while revenue fell below Wall Street’s expectations in its first earnings report as a public company. 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.
