Snapchat Takes Stock Hit

Snapchat suffered a huge setback when its stock stumbled, trading below par at the close of the week.

Shares of Snap closed down 39% after the company reported disappointing second-quarter results.

Snap missed Wall Street expectations on the top and bottom lines and said it plans to slow hiring.

The social media company attributed its results to a challenging economy, slowing demand for its online ad platform, Apple’s 2021 iOS update, and competition from companies like TikTok.

The JPMorgan analysts reportedly said they were concerned that CEO Evan Spiegel didn’t speak during the analyst Q&A part of the earnings report and didn’t offer upfront commentary.

“Clearly w/2Q results & the way the call was handled, Snap has an even bigger hill to climb going forward,” they said, reiterating the company needs to “re-establish a track record of execution.”

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Edited by Jesus Chan

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