Social media company Snap Inc. (New York Stock Exchange: Snap) will report second quarter results on July 21. I’m trying to measure the same results with the help of his website traffic screener at TipRanks.
Website traffic data is encouraging
Using data from SEMrush Holdings (SEMR), the world’s largest website usage monitoring service, TipRanks’ website traffic tool provides insight into Snap’s performance this quarter.
Visits to snapchat.com increased 4.93% quarter-on-quarter, according to the tool.
Additionally, Snap’s website recorded a 44.89% monthly increase in global visits in June compared to the same period last year. Additionally, year-to-date traffic on his Snap website increased by 54.17% year-on-year.
Therefore, it can be surmised that the company’s website traffic growth is likely to lead to an upturn in Q2 results.
The increase in website traffic can be attributed to the launch of Snapchat+, a low-cost subscription service. Snapchat+ costs just $3.99 per month and its “BFF” feature is popular among its younger cohort.
See how website traffic can help you research your favorite stocks.
Company Profile Second quarter
Snap expects second-quarter year-over-year revenue growth of 20% to 25%.
Meanwhile, the company expects daily active users (DAU) to be between 343 million and 345 million.
Snap is expected to lose $0.20 per share in the second quarter. That’s wider than his loss of $0.10 per share reported last year.
As for earnings for the quarter, analysts expect earnings to be around $1.14 billion, representing a 16.1% growth from the previous year.
Wall Street view
Overall, the Wall Street community is cautiously optimistic about the stock, with a moderate buy consensus rating based on 25 buys, 6 holds, and 2 sells. A SNAP average price target of $25.20 means the stock could rise 78.1% from current levels. The stock has fallen 77.3% over the past year.
Investors remain gung-ho about Snap Stock
TipRanks stock investor tool shows that top investors currently have a positive stance on SNAP. Additionally, 22.7% of the top portfolios tracked by TipRanks increased their exposure to SNAP stocks in the last 30 days.
An increase in Snap’s website traffic could bode well for the company’s strong quarterly results. The increase in website visits points to the fact that the company’s service is gaining momentum among consumers, perhaps thanks to its new low-cost subscription service, Snapchat+. Additionally, the recent release of the company’s flagship chat app should draw even more users to the website.
However, Snapchat’s growing losses remain a concern.
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