Snap Falls On Q4 Loss

Shares of Snap Inc. (SNAP) are sliding more than 12 percent on Wednesday morning trade after the company reported net loss for the December quarter compared to profit last year.

The company reported fourth-quarter loss of $288.46 million or $0.18 per share compared to profit of $22.55 million or $0.01 last year. On an adjusted basis, earnings were $0.14 per share, down 38 percent from $0.22 per share a year ago.

Currently, shares are at $10.30, up 10.94 percent from the previous close of $11.56 on a volume of 40,904,301.

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