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