Needham analyst Laura Martin lowered her Q2 revenue forecasts on Snap by 15%, saying her channel checks suggest that the Daily Active User count will fall by 3M subscriptions in Q2 to 188M, which is also 6% below her prior estimate. The analyst keeps her Underperform rating, adding that the checks also anticipate a "dramatic slowdown in spending" by brands as a result of the major advertising events like the Grammys, Super Bowl, and NCAA finals not being repeated in Q1. Although Martin raises her Snap EPS forecast to ($1.15) from ($1.22), she attributes that to aggressive cost cutting, noting that her negative view on the company will persist until she sees some positive Daily Active User momentum.

Meta Platforms (META), the parent company of Facebook, Instagram, WhatsApp, Oculus, Threads and other brands, is scheduled to report first quarter 2024 results after market close on Wednesday, April 24 with a conference call scheduled for 5 pm ET. Here's what to... To see the rest of the story go to thefly.com. See Story Here

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Vista... To see the rest of the story go to thefly.com. See Story Here