Snap stock drops 40%+ after Evan Spiegel warns employees the company will miss its Q2 revenue and earnings targets and plans to slow hiring
- Snap will miss its own targets for revenue and adjusted earnings in the current quarter, CEO Evan Speigel warned on Monday in a note to employees.
CNBC Kif Leswing
Related Coverage
- Snap plans to slow hiring, warns that revenue will grow slower than expected The Verge · Alex Heath
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- Snap spooks investors with macroeconomic warning Financial Times · Hannah Murphy
- View article Benzinga
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- View article Bloomberg
- Snap dives 32% and it's dragging other stocks down with it CNBC · Jessica Bursztynsky
- FORM 8-K — Since we issued guidance on April 21, 2022, the macroeconomic environment … US SEC
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- SNAP Stock Down 28% as Firm Is Unsure of Hitting Its Own Revenue Estimates Coinspeaker · Benjamin Godfrey
- Snap To Slow Down Hiring Amid Lower Second Quarter Revenue Growth Expectation International Business Times · Marvie Basilan
- Klarna irtisanoo 10 % työvoimastaan Transistori
- Snap is slowing the pace of hiring, after bringing on hundreds of new employees recently Insider · Kali Hays
- Snap Says It Will Miss Earnings Targets, Slow Down Hiring dot.LA · Christian Hetrick
- Snap will slow hiring, blaming Apple and Ukraine Protocol · Megan Morrone
- Snap says it will miss this quarter's revenue goals and slow hiring TechCrunch · Amanda Silberling
- Snap expects to miss revenue target, slow down hiring Reuters · Sheila Dang
- Read the memo Snap CEO Evan Spiegel sent to employees about a hiring slowdown, and a ‘further and faster’ deterioration of the macro environment Insider · Kali Hays
Discussion
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@howardlindzon
Howard Lindzon
on x
These $SNAP earnings that are 100 days apart...FFS I mean first off how can you have so little visibility And thanks CNBCq for clickbait hype and panic headlines within 100 days... (NO position) https://twitter.com/...
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@mylesudland
Myles Udland
on x
Never call your business' fundamentals strong https://twitter.com/...
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@modestproposal1
@modestproposal1
on x
So the progression of SNAP rev growth is: Jan 1 - Feb 23 = 44% Feb 24 - Mar 31 = 32% Mar - 31 - Apr 28 = 30% Apr 28 - Jun 30 < 15%
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@carnage4life
@carnage4life
on x
Snap's down -30% after hours because their CEO just said they'll miss the Q2 estimates they just shared last month. It is also joining the chorus of companies that will be instituting a hiring freeze. Elon Musk's definitely overpaying for Twitter at $44B https://www.cnbc.com/...
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@carnage4life
@carnage4life
on x
This is the second (or third) time in the past year where Snap has seemed unable to predict the trajectory of their ads business. In Q3 earnings last year the story was Apple privacy changes hit harder than expected. In Q4, earnings it went better than expected. Now this? 🫢 https…
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@teroterotero
Tero Kuittinen
on x
Snap now down -29%... revising revenue projections after 4 weeks has that August 2000 vibe... Twitter is likely to miss sales estimates by a mile. Oh Elon your timing
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@alextcone
Alex Cone
on x
@eric_seufert My guess is that SNAP put more faith in its version of CAPI (send us hashed emails/phone #s so we have a match key) than Meta did/does. Email based matching doesn't scale well & is likely to further wither with Hide My Email, Sign In with Apple, & Google's FedCM.
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@eric_seufert
Eric Seufert
on x
$SNAP shares plummet as guidance is reduced. The narrative that Advanced Conversions saves $SNAP from the perils of ATT was suspect to me. Curious if this guidance update has anything to do with fingerprinting potentially being policed starting in Q3. https://www.cnbc.com/...
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@howardlindzon
Howard Lindzon
on x
@ChaseLarabee market cap still 28b...seems way high to me for a teen ad biz.
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@alexeheath
Alex Heath
on x
Here's the memo Snap CEO Evan Spiegel sent employees today saying the company would hire just 500 more people this year vs. 2,000 over the past 12 months. The stock is tanking after a SEC filing said revenue growth would slow more than expected. https://www.theverge.com/...
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@modestproposal1
@modestproposal1
on x
I'm an idiot, it was Apr 21, so the progression of SNAP rev growth is: Jan 1 - Feb 23 = 44% Feb 24 - Mar 31 = 32% Mar - 31 - Apr 21 = 30% Apr 21 - Jun 30 < 17%
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@alexeheath
Alex Heath
on x
Sounds like more cost cutting hitting Snap soon: “We will also evaluate the remainder of our 2022 budgets and leaders have been asked to review spending to find additional cost savings.” TWTR at $54 a share becomes a more incredible deal (for Twitter) by the day
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@pkedrosky
Paul Kedrosky
on x
Nowhere is safe. Hide your children, etc. https://twitter.com/...