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Top of the Morning
Snap Inc. will report Q1 earnings at market close today, just over two months after it went public. Quiet period begone!
- Why it's the BFD: Not everything has to be transactional. A lot of people have a lot invested in Snap, even if they don't own actual shares, as it has become a proxy for a certain vintage of consumer tech unicorns.
- What the analysts are saying: "Wall Street expects Snap to post a quarterly loss of 19 cents per share, according to Thomson Reuters I/B/E/S. Analysts expect revenue of close to $158 million, roughly four times the $38.8 million figure from a year earlier, but down about 5 percent from $165.7 million for the fourth quarter of last year." ― Reuters
- Axios preview: "Snap's earnings will be under heavy scrutiny. It commanded a massive valuation at IPO despite being unprofitable and having far fewer users than Facebook, so it will have to show improved financials and continued growth. It also must fight growing perceptions that Instagram's cloning of its most popular features is a serious threat." -- Kia Kokalitcheva & Sara Fischer
- What I'll be watching for: Whether Evan Spiegel or Imran Khan take the lead in answering earnings call questions.
- Reminder: Both Facebook and Twitter beat analyst estimates in their first post-IPO earnings reports, but both still saw their shares trade lower.