Snap shares plunge more than 17% on weak forecast

Snap shares tumbled over 17% after the company reported guidance for its current quarter that missed analysts’ expectations.

Here’s how the company did:

• Loss per share: 2 cents vs. 4 cents expected by analysts, according to Refinitiv.
• Revenue: $1.07 billion vs. $1.05 billion expected, according to Refinitiv.
• Global Daily Active Users (DAUs): 397 million vs. 394.9 million expected, according to StreetAccount.
• Average revenue per user: $2.69 vs. $2.68 expected, according to StreetAccount.

Snap reported second-quarter results that topped analysts’ estimates but provided a weaker-than-expected forecast for the current period.

The company’s overall sales in the second quarter declined 4% from the…