Snap shares dive 35% following poor earnings report

In this screengrab, CEO of Snap Inc. Evan Spiegel takes the stage at the virtual Snap Partner Summit 2021 on May 20, 2021 in Los Angeles.

The company's shares fell after it reported disappointing second quarter results.

The company missed Wall Street expectations on both the top and bottom lines. The company attributed its results to a challenging economy and slowing demand for its online ad platform.

The company said that they are not satisfied with the results.

The company's shares are down a lot. Wall Street is still going strong. Following the earnings report, it was hit with a number of analyst downgrades.

Goldman's analysts have a neutral rating on the company's report.

The industry checks we did over the past two months were more optimistic than the earnings report.

While the company did not call out TikTok specifically, they believe it is having a significant impact on the company.

Evan Spiegel didn't speak during analyst Q&A and didn't give upfront commentary, which was a concern for the analysts. They said that the way the call was handled made it even harder for them to climb.

Revenue this quarter is flat, according to the company. It didn't give guidance for the third quarter because it was difficult to see.

Jonathan Vanian was a contributor.