Snap, Inc. ( SNAP ) shares are tumbling Wednesday after the company reported first-quarter earnings results and held back guidance.

What To Know: Snap reported a loss of 8 cents per share for the first quarter, beating analyst estimates for a loss of 13 cents. In addition, the company reported first-quarter sales of $1.36 billion, beating analyst estimates of $1.35 billion, representing a 14% year-over-year increase.

Snap reported operating cash flow of $152 million, compared to $88 million in the prior year. Additionally, Snap reported free cash flow of $114 million, up from $38 million in the prior year.

The company stated that daily active users grew 9% year-over-year to 460 million. Snap also reported having over 900 million monthly active users.

Overshadowing the solid first-quarter results was a lack of guidance from the social media company. Snap said it will not provide formal guidance for the second quarter, citing macroeconomic uncertainty.

“Given the uncertainty with respect to how macro economic conditions may evolve in the months ahead, and how this may impact advertising demand more broadly, we do not intend to share formal financial guidance for Q2,” the company said.

The company stated that revenue has continued to grow in recent months, but acknowledged some early-quarter challenges. Snap noted that it expects to report 468 million daily active users for the second quarter.

Analyst Changes: Following the earnings report, multiple analysts lowered price targets, which also appears to weighing on shares Wednesday.

Goldman Sachs analyst Eric Sheridan maintained a Neutral rating on Snap and lowered the price target from $9.50 to $8.50.

Susquehanna analyst Shyam Patil maintained a Neutral rating on Snap and lowered the price target from $13 to $8.

Wells Fargo analyst Ken Gawrelski maintained an Equal-Weight rating on Snap and lowered the price target from $9 to $8.

BMO Capital analyst Brian Pitz maintained an Outperform rating and lowered the price target from $16 to $13.

B. Riley Securities analyst Naved Khan maintained a Neutral rating and lowered the price target from $12 to $10.

Truist Securities analyst Youssef Squali maintained a Hold rating and lowered the price target from $14 to $11.

SNAP Price Action: At the time of publication, Snap shares were down 14.4% at $7.77, according to data from Benzinga Pro.

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