The value disappears faster than Snapchat’s messages. Snap Inc stocks were down 30% on Friday morning (October 21) after the company published abysmal financial results.
The sales and average revenue per user – all came below expectations. We reported a few days ago that Snap Inc. soars over 7 Percent. Today (October 21), even though the earnings per share beat the forecast (8 cents vs. 2 cent loss), Snap is plummeting.
The stock closed at $10.77 on Thursday, October 20. They are trading at $7.55 at the moment. Investors are exiting the asset as the revenue growth turned out to be flat, which kills the future potential of the tech company. However, traders should remember that it’s all about the price. Snap may have already reached an attractive level.