- REUTERS/Brendan McDermid
Snap’s first quarterly results as a publicly traded company are due out after Wednesday’s closing bell. Some traders seem to be expecting a repeat of Facebook and Twitter’s first report. Both of those social media companies missed Wall Street expectations by a wide margin. With the report approaching, short interest in Snap has climbed by more than $100 million in the last week alone, and as of Tuesday sat at $946 million, according to financial analytics firm S3 Partners.
Wall Street analysts are expecting Snap to post an adjusted loss of $0.16 per share on revenue of $158.55 million. Snap’s initial public offering priced at $17 a share, and the stock hit an all-time high of $27.09 just two days later. Ahead of the results, Snap is trading down 1.3% near $23.
Back in the second quarter of 2012, Facebook announced an adjusted loss of $0.08 a share versus the Wall Street estimate of a $0.12 gain. Its shares tumbled nearly 12% the day following the earnings release.
Things were much worse for Twitter. The company announced an adjusted loss of $1.43 a share, missing the Wall Street consensus of a $0.02 by a huge margin, in its first quarterly report as a publicly traded company. The stock crashed more than 24% in the trading day after the report.
- Markets Insider