NEW YORK, June 25, 2026, 15:01 (EDT)
- Snap shares slipped about 3% to $4.395 in NYSE trading. The latest quote brings the company’s market cap close to $7.4 billion.
- That works out to around $7.76 per Q1 monthly active user, based on Snap’s 956 million MAUs.
- Specs still under scrutiny after activists took aim and CEO Evan Spiegel defended the AR unit.
Snap Inc. (NYSE:SNAP) dropped 13.5 cents to $4.395 during Thursday’s NYSE session. About 30.2 million shares traded hands, putting the market value near $7.4 billion. NYSE core hours are 9:30 a.m. to 4:00 p.m. ET.
Snap’s daily slump isn’t the main story. Shares now value the company at around $7.76 per monthly active user, based on first quarter figures. It’s a rough metric, but with 956 million MAUs and a stock that keeps trading as if investors haven’t bought into its ad recovery, it gets used.
Snap posted Q1 revenue of $1.529 billion, up 12%. Free cash flow came in at $286 million and net loss was $89 million. Taking just this quarter’s numbers, the stock trades at about 1.2x revenue and 6.5x free cash flow, but that isn’t guidance for the full year. “In Q1, we returned to growth in daily active users,” CEO Evan Spiegel said in the release. Business Wire
Snap trades at a low multiple, and that’s key as it pitches both a rebound in ads and a still-expensive hardware project. The company says almost 70% of ad spending now touches at least one AI automation tool. Direct Revenue is at an annualized $1 billion, according to its investor site.
The stock gained 1.57% to close at $4.53 on Wednesday, snapping a five-day slide. The Nasdaq Composite dropped 0.43%. Tuesday, shares finished at $4.46 after a 3.67% drop.
Stocks traded mixed on Thursday. Reuters said the Dow was up, the S&P 500 ticked higher and the Nasdaq slipped, with big tech names Apple Inc. (NASDAQ:AAPL), Nvidia Corp. (NASDAQ:NVDA), Microsoft Corp. (NASDAQ:MSFT) and Alphabet Inc. (NASDAQ:GOOGL) dragging tech. Michele Morganti, senior equity strategist at Generali Investments, told Reuters, “There is still a risk that the Federal Reserve delivers a rate hike later this year.” Reuters
Snap’s valuation puts more focus on the Specs question. Irenic Capital Management claims Snap spent over $3.5 billion on the division. As of Thursday’s market close, that spending is roughly 47% of Snap’s equity value.
Snap CEO Evan Spiegel, speaking to Reuters last week, said, “While investors may want more short-term profitability, our job at Snap is to drive long-term profitability.” Spiegel said the company plans to release details “more later this year” on longer-term Specs partnerships. Reuters
Spiegel told Axios this week that Specs was designed to “bring computing into the real world.” He described Promoted Places as a “smash hit.” Snap Map has 450 million global monthly active users sharing location, Spiegel said. Axios
Snap is still trading well below last year’s peak. MarketWatch reported Snap finished Wednesday at $4.53, off 56.48% from its 52-week high of $10.41. The stock slipped again Thursday, with the gap now close to 58%.
