Snap Inc. stock dropped more than 10% on Tuesday after it reported earnings that missed analysts expectations for Q4.
The self-described camera company, based in Santa Monica, reported revenue of $561 million versus the expected $563 million. The company's reported cash flow remains negative despite improvement over the year prior. The company said it lost $240.7 million, or 17 cents per share, compared with FactSet estimates of a 12-cent loss per share.
Snap Inc. is launching itself anew into the short-form videosphere in 2020 with Bitmoji TV, upping its popular avatar feature to present personalized live-action comic strips of you and your friends. A spokesperson says Thursday that their global release will start in February; it's an effort that may help Snap counter the surging use of TikTok, especially among Gen Z users.
Screenshot courtesy of Tami Abdollah