Heard on the Street: Amid a challenging macroeconomic backdrop, Snap is cheap but clearly not cheap enough
For a company focused on filters, Snap sure is getting some raw treatment in the stock market this year. And, like social media users today, things are only getting more real.
on Thursday following a third-quarter report that showed revenue rising just 6% year-over-year—below both Wall Street’s expectations and the 8% growth Snap said it was experiencing as of late August. Facing a weakening macroeconomic environment, platform policy changes and increased competition, Snap declined to provide guidance Thursday, but did warn that revenue growth “is highly likely” to decelerate further in the fourth quarter.
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