It's easy to summarize the just reported SNAP Q2 earnings report with just one word: disaster.
The company missed expectations on everything: from revenue, to earnings to average daily user, but at least it burned a boat load of cash doing it: a quarter billion dollars, or $228 million.
Of course, the company tried to spin the results favorably, as follows:
But the one number that should matter the most - unless SNAP somehow pivots into a cash burning juggernaut which, like some other companies that shall remain nameless, surges the more cash it burns - was its Cash Burn which surged from 150MM a year ago to 229 million, will push its stock even lower in the coming weeks and months.
And then there is the lock up, which releases more shareholders to sell on Monday, which in light of these results, they will.
Below are the key highlights in chart format.
Free Cash Flow, or lack thereof:
Predictably, the stocks has just crashed to new all time lows below 11.91.