Snap is gaining ahead of earnings

Snapchat CEO Evan Spiegel.

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Snapchat CEO Evan Spiegel.
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Lucas Jackson/Reuters Pictures

Snap is trading up 2.56% at $15.21 a share ahead of the company’s third-quarter earnings report, which is scheduled to be released after markets close on Tuesday.

Wall Street is expecting an adjusted loss of $0.15 per share on revenue of $235.5 million. Nine of the 34 Wall Street analysts tracked by Bloomberg rate the company a “buy”, while 20 rate it a “neutral” and five rate it a “sell”.

Snap has been facing issues with its platform ahead of the report. The company acknowledged that “some” users were experiencing issues with the app and said it’s working on a fix. A lot of users tweeted their frustrations about the outage.

The company was hit by layoffs, and executives have said they will slow hiring next year. Recently, 18 people were laid off from the recruiting division and about 12 were cut from the company’s hardware division.

Snap is still trading 10.4% below its initial public offering price of $17.

Read more about the company’s platform issues here.

Snap stock price

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Markets Insider