Snap shares slump after results miss estimates on flat ad revenue

** Snap's SNAP.N shares are down 18% on Wed after the social media firm reported results that missed estimates, following flat advertising revenue

** SNAP is on track for its biggest daily pct decline since Aug. 2024 and lowest close since early April this year

** SNAP's rev rose 8.7% to $1.34 bln, while adj EPS was flat. Analysts had estimated rev of $1.35 bln and adj EPS of 1 cent, per LSEG data

** Advertisers have been curtailing marketing budgets amid economic uncertainty and leaning toward bigger platforms like TikTok and Meta's META.O Facebook and Instagram, hitting SNAP's revenue

** Among 43 analysts that cover SNAP, avg rating is "hold" and median PT is $9

** SNAP is down 28.3% YTD vs Nasdaq Composite Index's .IXIC 9.5% increase