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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
*Opens up app to see $SNAP down 18% post earnings*
*Immediately logs on to $TWTR for the memes*
— MBM (@MBMeiss) 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
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
SEE ALSO: Snap misses on Q1 earnings, stock craters 20%
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May 11, 2017 at 09:46AM
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