Snap’s earnings party was a bust

Morning earnings hangover

Thursday’s pre-market screen looked like a group chat where everybody woke up on the wrong side of the bed. Snap led the losers’ parade, even though it technically beat expectations on both losses and revenue. That’s the market in a nutshell: sometimes you can hit the numbers and still get kicked off the dance floor.

Why Snap still got dinged

Snap reported a loss of 5 cents per share, narrower than the 7-cent loss analysts expected, and revenue of $1.529 billion, just barely above the Street’s $1.528 billion mark. Cute, right? But not cute enough for investors, who sent the stock down 10.5% pre-market anyway.

The rest of the breakfast buffet of pain

It wasn’t just Snap getting the side-eye. A whole roster of names fell after earnings, and the common thread was simple: either results missed, guidance disappointed, or both.

• Fastly dropped after first-quarter results.
• ADMA Biologics got hit hard after weaker-than-expected Q1 results and FY26 sales guidance below estimates.
• Stem, Pharming, Alpha and Omega Semiconductor, Whirlpool, NerdWallet, Beyond Meat, Amplitude, MannKind, Niagen Bioscience, Alto Ingredients, Redwire, and Arm all slid after some version of “we reported, and the market said no thanks.”

Big picture

This is why earnings season can feel like speed dating with spreadsheets: one awkward answer about guidance and investors are already reaching for the exit. For you, the takeaway is less about one bad pre-market tape and more about how unforgiving the market gets when growth stories need to be just a little bit prettier than “pretty okay.”