Snap shares plunge after earnings disappoint

Snap Inc. (NYSE:SNAP) Stock Rating Reaffirmed by Wells Fargo & Company

The firm had revenue of $149.60 million for the quarter, compared to the consensus estimate of $158.32 million.

On Thursday, chief executive Evan Spiegel pledged that he and fellow co-founder Robert Murphy would not sell any of their own shares this year, as a sign of confidence in the firm's prospects. After all, another disappointing quarter might prod the market into throwing in the towel altogether on Snap, sending it sharply lower on a more permanent basis. They noted that the move was a valuation call.

The young company posted a staggering $2.2 billion loss in its first earnings report in May, and added just 8 million new daily active users during the quarter. Moreover, SNAP stock was down more than 10% in Thursday's after-hours action following the release of its quarterly report. Institutional investors own 30.16% of the company's stock.

Snap Inc (NYSE:SNAP) late Thursday posted disappointing second quarter earnings results, as both its EPS and revenues came in below expectations.

Shares of Snap (SNAP) traded up 3.725% on Friday, hitting $13.505.

Several hedge funds have recently made changes to their positions in SNAP. Finally, Aegis reaffirmed a hold rating on shares of Snap in a research report on Wednesday, May 31st. BlackRock Inc. purchased a new stake in shares of Snap during the first quarter worth about $211,934,000. The stock presently has an average rating of Hold and a consensus price target of $20.95.

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Spiegel and Murphy's commitment to hold on to their shares will provide a slight boost of confidence for anxious investors, said James Gellert, CEO of RapidRatings, which assesses the financial health of companies. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Snap by 654.0% in the second quarter.

During that call, CFO Drew Vollero said that Snap had generated a total of $5.4 million in its "other" revenue segment - a catch-all for non-advertising revenue that is primarily driven by sales of the $130 Spectacles wearable.

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All that aside, let's jump into Snap Inc's financials for the quarter.

Snap is set to report its second quarter earnings after the bell Thursday, and investors seem slightly anxious. Narwhal Capital Management bought a new stake in shares of Snap during the first quarter worth $282,000.

Snap Inc.'s flagship product, Snapchat, has suffered from unfavorable comparisons to Facebook's Instagram Stories, which is a clone meant to compete for the company's users.

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