Top Tech Stocks
Technology stocks helped lead the broader U.S. markets to moderate gains on Friday, with shares of tech companies in the S&P 500 adding just just over 0.7% in value today.
In company news, Snap Inc ( SNAP ), the parent of the Snapchat photo-sharing website, stumbled to its lowest price ever at $11.81 a share after today missing analyst estimates on both sides of its Q2 financial results while growth in daily active users continued to slow.
Excluding one-time items, net loss for the three months ended June 30 was $0.16 per share, expanding on a $0.13 per share loss during the year-ago period and also coming in $0.02 per share wider than the Capital IQ consensus.
Revenue roared 153% higher compared with the same quarter last year to $181.7 million, trailing the $186.5 million Street view. Average revenue per user rose to $1.05 from $0.50 last year, also missing the Street view expecting $1.07 per user.
Following the disappointing results, analysts at Oppenheimer pared their price target for Snap shares by $7 to $16 apiece, retaining their Outperform rating. Pivotal Research today also reiterated its $9 price target for the stock as well as its Sell recommendation, with analyst Brian Weiser explaining in a new research note that the company is expecting to see its quarter-over-quarter growth turn negative by the end of the year along with little to no revenue growth.
In other sector news,
(+) TTD, Non-GAAP Q2 EPS of $0.52 beats by $0.34 per share. Revenue jumps 54.2% to $72.8 mln, also topping the $68 mln consensus. Gudes Q3, FY17 results above Street. RBC Capital Markets boosts price target by $9 to $65 a share.
(-) BBOX, Surprise fiscal Q1 operating loss of $0.33 per share reverses year-ago profit and misses consensus call expecting $0.01 per share. Revenue falls 12% to $218.5 mln, beating the $207.6 mln Street view.
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