SNAP stock has shed over 43% over the last 24 hours after the company slashed its quarterly forecast citing the worsening economy.
In a US filing, Snap said:
“Since late April the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue and adjusted EBITDA below the low end of our Q2 2022 guidance range.”
Snap CEO, Evan Spiegel, also told employees that the company was going to go slow on hiring for the remaining part of the year warning that the company’s revenue is not expected to grow as fast as anticipated.
To help stock investors interested in investing in Snap stock, Invezz has created a brief article on what it is and where to buy it.
To find out more, please continue reading.
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What is Snap?
Snap Inc. is an American camera and social media company. It was started in September 2011 and is headquartered in California
Some of the popular products that Snap Inc. has developed include the famous Snapchat platform, Ritmoji, and Spectacles.
The company is publicly traded and listed on the New York Stock Exchange under the ticker NYSE: SNAP.
Should I buy the SNAP stock today?
If you want to invest in a stock that has majorly dropped today, then the Snap stock could be a good choice.
However, as you invest, you should take note of the company’s warning that it does not expect its revenue to grow as fast as expected due to the worsening economy; something that could mean that the stock may not recover from its current drop anytime soon.
Snap stock price prediction
At the current rate of dropping, investors are skeptical of whether the stock will bounce back any time soon.
Majority forecast that it could find support at $11.0 following the massive sell-off that was triggered by the company’s warning on revenue growth.
$SNAP stock social media coverage
The post Where to buy Snap stock: it has shed 43% today after slashing its quarterly forecast appeared first on Invezz.
