SNAP - Wedbush's Dan Ives Expresses Investors' Growing Frustration With Snap: 'Every Quarter There Is Another Dog Ate The Homework Excuse' | Benzinga
Despite Snap Inc. (NYSE:SNAP) CEO Evan Spiegel‘s explanations, investors are growing increasingly disillusioned with the company’s financial performance. This is evidenced by the significant drop in Snap’s stock, which has plummeted by 40% this month. The company’s recent financial report revealed a loss of $248 million, coupled with a fresh round of layoffs, marking the second in 18 months.
What Happened: Wedbush CEO Dan Ives expressed that investors are increasingly becoming frustrated with Snap, reported The Times on Sunday.
"Every quarter, there is another ‘dog ate the homework' excuse," said Ives.
"A lot of investors have become so frustrated, they will never touch it again."
According to Benzinga Pro data, Snap closed at $11.17 on Friday, much lower than the $17 IPO price.
Spiegel attributed this underperformance to a sluggish advertising market, a reason that many found unconvincing, especially given that rival Meta Platforms (NASDAQ:META) reported record profits from a 24% ...