Snap Inc. shares closed atop the price charged in its initial public offering for the first time in more than a year Wednesday, after analysts said a strong earnings report could set the stage for another monster quarter.
The social-media company announced Tuesday afternoon that it added 13 million daily active users sequentially in the second quarter, 2 million more than analysts expected, and Snap’s management said to expect net additions of 2 million to 4 million users for the current period. Such a forecast seems “too low,” wrote MoffettNathanson’s Michael Nathanson, given his analysis of the Snapchat Ads Manager, which he says shows 8 million new DAUs already through July.
Snap’s lofty valuation is a key concern, as Nathanson says that Snap’s likely multiple of 11 times forward revenue represents “one of the richest valuations we have ever seen.” Nathanson also worries that Snap’s buzz-worthy new augmented reality lenses, which helped draw in users recently, could be just a fad. He sees an “underappreciated” threat from TikTok, a popular short-form video app that’s caught on with younger users.
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