Snap Reports Earnings Today. App Engagement Is a Risk.

Snap investors are eagerly anticipating the latest updates on its business after the close. Some analysts are worried the social media app’s best days of growth are behind it.

For the third quarter, the analyst consensus for Snap is for the company to lose 24 cents per share on revenue of $1.11 billion, and 405.8 million in daily active users, according to FactSet. Analysts’ estimates for the current fourth quarter is a loss of 16 cents per share on revenue of $1.34 billion, and DAU of 414.5 million.

On Monday, Bernstein analyst Mark Shmulik reiterated his Market Perform rating for Snap stock, and reaffirmed his $11 price target. A lot of Snap’s progress with its ad technology “has been offset by spend decline from top advertisers,” he wrote. “Time spent also appears to be challenged domestically.”The analyst cited how Snap app downloads have fallen by 3% year over year during the September quarter, according to Apptopia data. Less downloads could signal problems for the company’s growth and engagement numbers.

Snap stock rallied last week when the Verge reported details about CEO Evan Spiegel’s internal memo regarding the company’s stretch goals for next year.Write to Tae Kim at tae.kim@barrons.com

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