Shares of Snap Inc. declined by 7% in after-hours trading, closing at $58.31 in New York.
The drop reflects investor concerns that the gains in sales and users driven by the COVID-19 pandemic may not be sustainable as lockdown measures are eased. The company expects revenue growth to accelerate in 2021 compared to last year's rate of 46%, despite the drop in shares, forecasting first-quarter revenues between $720 million and $740 million, which is higher than analysts' expectations of $705.2 million.
