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Snap: shares dive despite earnings beat

( - Shares of Snap collapsed over 13% on Friday despite the company beating its financial guidance for the first time ever - both at the top and bottom line.

The Santa Monica-based company said third-quarter revenue increased 43% to a record 298 million dollars, while its operating loss improved to 323 million dollars, from 462 million dollars last year.

Fourth-quarter revenue is expected to reach a new peak of between 355 million and 380 million dollars, the social network said.

Despite these positive comments, analysts at Jefferies decided to cut their target price from 11 dollars to 8 dollars.

"We are cautious in the near term, but longer term appreciate the approach of Snap to attracting both brand and small- and medium-sized businesses advertising dollars in a rapidly shifting mobile digital video oriented world," the US broker said.

Jefferies is not the only skeptical investor on the market: shares of Snap are currently trading down 13% at 6.05 dollars, marking a new low since the March 2017 IPO.

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