Why Snap Was Bouncing Back Today

·2 min read
Why Snap Was Bouncing Back Today

A day after Snap (NYSE: SNAP) plunged 43% on a guidance cut, the social media stock was bouncing back as investors seemed to spy an opportunity in the sell-off. On Monday night, Snap issued a filing saying it now expected second-quarter revenue and EBITDA to come in below the bottom end of its previous guidance due to a deteriorating macroeconomic environment. If Snap's argument about macro conditions is correct, then a 43% sell-off in the stock seems excessive.

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