Snap: shares down after third straight miss.

(CercleFinance.com) - Shares in Snap are down sharply on Wednesday, tumbling 10% to 13.
6 dollars, after the parent company of social media service Snapchat missed revenue estimates for the third quarter in a run.

While third-quarter revenue rose 60% to 207.9 million dollars, the company said that its net loss widened to 443 million dollars, from 124.2 million dollars in the same period a year ago.

Snap in particular recorded close to 40 million dollars million of charges related to its connected glasses Spectacles, due to excess inventory reserves and inventory purchase commitment cancellation charges.

"Snap continues to have issues with user growth and monetization," say analysts at Susquehanna, who keep a "neutral" rating on the shares, with a target price of 10 dollars.

"We see competition from Facebook/Instagram, a saturated core demo (and a weak presence outside the US), and lackluster ad products (...) as continuing to create challenges for Snap," the brokerage firm added.

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