Token Creator Snap Inc Sees Shares Plunge as Future Uncertainties Loom
Highlights
- Snapchat parent had failed to provide guidance that would create a hopeful sentiment among its investors.
- In an interview with Yahoo Finance, Kamran Ansari, the Headline venture partner expressed his disappointment with the firm.
- Despite the negative news around the token’s parent, SNAP prices have ascended in the last 24 hours.
SNAP token creator, SNAP Inc. disappointed the markets after posting their fourth-quarter results. The Snapchat parent had failed to provide guidance that would create a hopeful sentiment among its investors. Ever since the company posted its fourth-quarter results, the shares of the firm have fallen over 25%, creating worries about its future.
Snap Inc shares fall after Q4 results
In an interview with Yahoo Finance, Kamran Ansari, the Headline venture partner expressed his disappointment with the firm. He said that Snap “has been flat the last year or so.” This indicated that the stock has underperformed for the past couple of years, raising bets that investors might be concerned about the stock’s future.
Ansari added, “If you look at their (SNAP) 2022 revenue versus 2023, essentially identical, and they’re still losing quite a bit of money.” The same sentiment has been reflected in the share price of the company. The stock is down nearly 30% ever since the quarterly results of the company were reported.
Snap Inc. posts disappointing quarterly results
According to CNBC reports, Snap Inc. revealed revenue that lagged behind analysts’ projections and released a forecast that fell slightly short of Wall Street’s expectations. The report further highlighted that Snap has had six consecutive quarters of single-digit growth. The firm has also seen sales declines as a result of its struggles to recover from the downturn in the digital ad market. Revenue increased by almost 5% annually in the fourth quarter, from $1.3 billion to $1.36 billion.
Snap’s disappointing results come shortly after it announced a workforce reduction. The firm had said that it would be letting go of about 10% of its workforce. The job reduction is the second in the last two years as tech companies overall have grappled with uncertainties and workforce reductions.
SNAP token prices today
Despite the negative news around the token’s parent, SNAP prices have ascended in the last 24 hours, according to Coin Market Cap. At the time of writing, the token stands at $0.0001814, being up nearly 2% as compared to the last day. The current market cap of the token stands at $58,732.68, being down from a previous volume of $24,614.73.
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows
- XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
