Muzaffaruddin Alvi | Corporate Governance Expert - Pakistan: Snap’s first-ever earnings were a big miss

Snapchat

The social network Snap, which went public in March in a frenzied $33 billion initial public offering, on Wednesday reported earnings for the first time.

It wildly missed analysts’ projections for revenue and the number of users it added to its network.

Other bits of bad news were in there as well, such as a rise in costs.

Although the company warned investors in its prospectus that it “may never” be profitable, its first-ever earnings sent the stock tumbling anyway — over 20% as of Wednesday evening.

Naturally, the internet via Twitter had plenty of things to say about it, including quite a few jokes.

$SNAP next quarter we will have new and fresh filters bwahahahaha

— JS (@smiths117) May 10, 2017

$SNAP http://pic.twitter.com/tAPJlghLTT

— Samir Basaria (@samirbasaria11) May 10, 2017

*Opens up app to see $SNAP down 18% post earnings*
*Immediately logs on to $TWTR for the memes*

— MBM (@MBMeiss) May 10, 2017

oh $SNAP!

(did anyone else make that joke yet) http://pic.twitter.com/KKXNhiDpwE

— Steph Haberman (@StephLauren) May 10, 2017

$SNAP http://pic.twitter.com/w2p6sbpUpF

— ace of trades (@tendersplendor) May 10, 2017

Can we get $SNAP a dog filter to cover up their $2.2B Q1 loss? Asking for a friend (not @KylieJenner).

— Muzthetruthspkr (@Muzthetruthspkr) May 10, 2017

can we take a break from trump and make fun of @evanspiegel for a few days?$SNAP to lose $2 billion dollars this year

— Mike G (@yalotrader) May 10, 2017

AXE Capital short $SNAP

— Matt Cave (@MatthewCave) May 10, 2017

@AdamSinger Oh $SNAP ;-O http://pic.twitter.com/f7sYU5OZ2g

— Charles Erick (@ewmpsi) May 10, 2017

$SNAP so many “I told you so” I mean the fortune teller called it like she saw it. http://pic.twitter.com/EaEiIPvjVM

— Saadey Bajar (@SaadeyBajar) May 10, 2017

Mark Zuckerberg as he listens to $SNAP call http://pic.twitter.com/SblzQ67GJ0

— Jared Sleeper (@JaredSleeper) May 10, 2017

$SNAP‘s conference call reminds me of Woody Allen’s describing his job as a stockbroker in a movie, name of which escapes me $SPX $NDX $IWM http://pic.twitter.com/KvXfZlMr9F

— Kate’s Dad (@KASDad) May 10, 2017

“I invested half my savings into this and I’m not worried.” $SNAP http://pic.twitter.com/D6UXsim58F

— Bag Holder (@BagholderQuotes) May 10, 2017

$SNAP after hours price action… http://pic.twitter.com/FYpNYcioNj

— $__money__maker_ (@__money__maker_) May 10, 2017

#IPOs ― Investors react to SNAP’s disappointing 1Q17 earnings report. $SNAP #IPO http://pic.twitter.com/ZzvrioH8av → via @AlertTrade

— Stock Trade Alerts (@AlertTrade) May 10, 2017

Money quote from Spiegel on FB copying Snapchat:

“Just because Yahoo has a search box, that doesn’t mean it’s Google.”

— Scott Austin (@ScottMAustin) May 10, 2017