Snap Inc. shares traded lower on Wednesday as social media stocks moved actively on strong digital ad demand and user growth, according to Benzinga. The Snapchat parent has lost 33% year-to-date after missing earnings estimates in its last two quarters, pressured by competition from Meta, Alphabet, and TikTok. Snap reported a second-quarter net loss of 16 cents per share, in line with forecasts, while revenue of $1.345 billion slightly topped expectations. Daily active users rose 9% to 469 million, and monthly users grew 7% to 932 million. UBS, Piper Sandler, and Guggenheim reaffirmed Neutral ratings while lowering price targets, and JMP Securities downgraded shares. Guggenheim’s Michael Morris this week pointed to slowing user momentum in the third quarter, with Snap Ads Manager showing global audience growth slipping to 2.3% from 3.9% in the prior quarter. Snap was last down 1.37% at $7.23.
