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Shares of Snap continued to plummet Friday, following analyst downgrades after the company missed lowered earnings expectations and warned of a tough macroeconomic environment.
More worrying still was the fact that the company did not issue future guidance after having revised expectations for the second quarter. This caused concern about the overall impact on the advertising-reliant companies and also caused several analysts to question the company’s leadership, even as CEO Evan Spiegel and his Cto Bobby Murphy re-upped their employment agreements through 2027.
“For starters, we have lost confidence in the company’s leadership team and their ability to forecast their business,” Moffett Nathanson analyst Michael Nathanson wrote Friday.
Nathanson downgraded the stock to “market perform” from “outperform” and lowered the price target to 9 from 19, saying he gives the stock a vote of “no confidence.”
Snap management is trying to stem the losses...
Shares of Snap continued to plummet Friday, following analyst downgrades after the company missed lowered earnings expectations and warned of a tough macroeconomic environment.
More worrying still was the fact that the company did not issue future guidance after having revised expectations for the second quarter. This caused concern about the overall impact on the advertising-reliant companies and also caused several analysts to question the company’s leadership, even as CEO Evan Spiegel and his Cto Bobby Murphy re-upped their employment agreements through 2027.
“For starters, we have lost confidence in the company’s leadership team and their ability to forecast their business,” Moffett Nathanson analyst Michael Nathanson wrote Friday.
Nathanson downgraded the stock to “market perform” from “outperform” and lowered the price target to 9 from 19, saying he gives the stock a vote of “no confidence.”
Snap management is trying to stem the losses...
- 7/22/2022
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Shares of Facebook plunged more than 19% in early trading Thursday, as investors reacted to signs that the social-media giant’s user and revenue growth are significantly slowing down.
The stock drop, to its lowest levels in nearly three months, wiped out more than $110 billion in market capitalization for Facebook and dragged down other internet and tech stocks including Twitter and Snap. Facebook’s market cap was $629.6 billion at the close of market Wednesday, and stood at around $503 billion as of Thursday at 10:30 a.m. Et.
Facebook CEO Mark Zuckerberg’s net worth plummeted around $16 billion with the stock dive, although it’s still some $67 billion, according to Forbes’ real-time net worth tracker.
Facebook’s daily active users for the second quarter of 2018 were effectively flat in the U.S. sequentially, and even declined in Europe compared with Q1 — marking the first time the company has seen such a decline in recent quarters.
The stock drop, to its lowest levels in nearly three months, wiped out more than $110 billion in market capitalization for Facebook and dragged down other internet and tech stocks including Twitter and Snap. Facebook’s market cap was $629.6 billion at the close of market Wednesday, and stood at around $503 billion as of Thursday at 10:30 a.m. Et.
Facebook CEO Mark Zuckerberg’s net worth plummeted around $16 billion with the stock dive, although it’s still some $67 billion, according to Forbes’ real-time net worth tracker.
Facebook’s daily active users for the second quarter of 2018 were effectively flat in the U.S. sequentially, and even declined in Europe compared with Q1 — marking the first time the company has seen such a decline in recent quarters.
- 7/26/2018
- by Todd Spangler
- Variety Film + TV
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