Snap (SNAP) withholding guidance for Q2 amid uncertainty in the current macroeconomic environment "likely won't sit well with investors," RBC Capital Markets said in a Wednesday note.
When the company reported Q1 results on Tuesday Snap said in a letter to investors that it didn't intend to share formal financial guidance for Q2 due to the uncertainty related to macroeconomic conditions and how it may affect advertising demand.
RBC said investors recognize that the company has a tendency to lose market share in times of macro weakness. The analysts said investors left the conference call "with unanswered questions" about regional exposure, specifically regarding China-based advertisers, "and whether the weakness is more from APAC advertisers themselves or also from non-China advertisers with China supply chain and de minimis exposure."
RBC has a sector perform rating on the stock with a $12 price target.
The company's shares were down more than 14% in recent Wednesday trading.
Price: 7.76, Change: -1.33, Percent Change: -14.63
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