Going forward, Snap Chief Financial Officer Derek Anderson said the company would "substantially slow" its rate of hiring, "effectively pause" its headcount growth and cut back on its non-personnel-related operating expense growth. The company also said it would continue to invest heavily in its platform, products and direct-response advertising business to "build a path to free cash flow break-even or better.
Snap Inc. shares plunged 38% during Friday's trading session after the social media giant reported disappointing second-quarter earnings results. Oppenheimer analyst Jason Helfstein told clients in a note on Thursday that Snap is "now facing too many to underwrite stock in the medium-term" before even factoring in consumer spending. The firm has downgraded Snap stock from "outperform" to "perform" and removed its 12-month price target of $22 per share.
I'm not even sure what it is good for. Once the current generation out grows it I doubt they will even exist.
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