By coinnews 
00:00 Speaker A
Snap earnings just crossed the wire moments ago. Let’s get you those numbers here. So Q1 adjusted EBITDA clocks in at 108.4 million. The street was at 65.4 million. Look at the top line, Q1 revenue 1.36 billion, consensus 1.35 billion. Daily active users, 460 million versus an estimate on the street of 459 million. But then we turn to the guidance truly, and there it does look like Snap omits formal Q2 guidance due to uncertain macro conditions. And the stock taking a sharp leg lower. Keep in mind the stock already heading into this print was down about 15% this year and down nearly 40% of the past 12 months.
01:25 Speaker B
Yeah, it’s interesting because there have been other companies that have also admitted, uh, their omitted, I should say, they’ve pulled their guidance. And you didn’t necessarily see this kind of reaction here. Um, but if you’re looking at a potential for things to slow down to some extent, that is an issue. You know, whether you look at a year to date, a one year, a five-year chart for Snap, it’s down, um, in all of those periods of time. So the company just has not sort of regained momentum that it had in the past from a stock perspective, at least.
02:25 Speaker A
And I know, you know, heading into this print, there were some analysts who covered the name who I know had gotten more cautious because they were concerned about a recessionary environment and what that could mean for Snap, giving its brand advertising business, given that they argue it’s a secondary marketing channel still for a lot of marketers. So basically, if you got nervous, and you were a marketer, you know, what would you cut first? Would it could be Google, Met and Amazon or Snap?
03:14 Speaker B
Right, exactly. And the company is saying that it is keeping an eye on some cuts potentially coming to advertising spend on the platform. So we’ll keep an eye on that, keep an eye on the call and any headlines.