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Snap plunges after its earnings beat as analysts say it's going to take longer to get profitable

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Snap fell Wednesday after beating analyst estimates for its first quarter of 2019 as analysts anticipate and longer path to profitability.

Snap was down more than 6% Wednesday morning after an initial after hours rally on its earnings beat. The drop shaved more than $900 million from its market cap, bringing it just below $15 billion, though the stock is still up more than 104% in 2019.

But the surge began to fade to just about a 1% bump after hours as investors continued to read through the report and listened to Snap's earnings call. "While we are impressed with Snap's user and revenue growth, the company's road to profitability appears to have gotten longer," Wedbush Securities analysts wrote in a note Wednesday, maintaining their neutral rating with a 12-month price target of $12.25.

 

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