NEW YORK, March 11, 2026, 10:45 EDT
Snap was pinned close to its 52-week low during early trading in New York on Wednesday. The stock slid another 4.3% in the prior session, finishing at $4.89 and stretching its losing streak to four days.
The timing isn’t ideal. On Tuesday, Snap rolled out “Cricket in a Snap” in India, bundling live scores and new AR ad formats—digital overlays on live camera feeds—targeted at the cricket crowd. Yagnesh Ravi, who heads ad solutions for Snap in India, called cricket content on the platform a “tipping point.” Snap Newsroom
Snap reported $5.93 billion in revenue for 2025, though it finished the year with a net loss of $460 million. That kind of result has left investors hesitant to boost the stock on the strength of one-off quarterly gains.
The company topped fourth-quarter revenue estimates last month and reported a 28% jump in active advertisers. Still, its outlook for this quarter landed just shy of what Wall Street was hoping for. Daily active users hit 474 million, up 5% year-over-year, but that was actually down by 3 million from the previous quarter. “Still has a long way to go” to attract big enterprise budgets, eMarketer analyst Max Willens said of the ads business. Reuters
Management’s answer has been a mix of cash returns and fresh revenue sources. Back in February, CEO Evan Spiegel described the latest quarter as marking a “strategic pivot toward profitable growth.” Snap signed off on a $500 million share buyback and wrapped the year sitting on $2.9 billion in cash, equivalents, and marketable securities. Just two weeks on, the company reported its subscription and other direct-revenue units had crossed the $1 billion annualized mark, with subscribers now above 25 million. Snap Inc.
There’s more strain off the books, too. On Tuesday, a U.S. appeals court considered Florida and Georgia’s efforts to restrict minors from social-media platforms—cases involving Snap. Over in Australia, Reuters said this week, the country’s teen ban is still putting age-verification tech under the microscope. Platforms have yet to release data on those systems’ effectiveness.
It’s not just Snap under the microscope. Australia’s ban sweeps in Meta’s Facebook and Instagram, TikTok, and Reddit. Reuters reported last week that governments in India, Indonesia, France, Spain, and Greece are also weighing or moving forward with comparable restrictions.
The risks aren’t hard to spot. Following earnings last month, Bloomberg noted Truist’s expectation that user numbers would “remain under pressure” in North America and Europe, while governments weigh new youth-access restrictions. If that pans out, Snap’s new ad offering in India probably won’t be enough to shift sentiment. bloomberg.com
