SNAP is trading at $5.57 (-8.8%) in pre-market as investors digest a Q1 earnings report that signaled a major restructuring and profitability pivot.
- The company announced 16% workforce cuts amid activist pressure, overshadowing a beat on the top and bottom lines with $1.53B in revenue (+12% YoY) and $0.10 EPS.
- Despite the sell-off, the report highlighted strong underlying metrics including growth to 483M DAUs and $286M in free cash flow, with the current move reflecting post-earnings volatility as the broader market remains mildly positive.