Leading up to Snap's (SNAP) first-ever earnings call with investors, it was unclear whether the social media upstart's 26-year-old wunderkind CEO Evan Spiegel would be present. Spiegel did end up joining the call, along with CFO Drew Vollero and chief strategist Imran Khan, where they answered analysts' questions about everything from the company's competition with Facebook (FB) to seasonality affecting ad spending for more than an hour.
The Wednesday evening call came after Snap reported less-than-stellar results after Wednesday's closing bell. Shares of Snap closed down 21.4% to $18.05 on Thursday, after falling more than 23% after-hours on Wednesday. The stock is down 26.2% so far this year.
Aside from Snap's pre-IPO road show, the call marked one of Spiegel's longest interactions with Wall Street analysts. Being that he's not quite a seasoned CEO, it makes sense that Spiegel would mostly lead the discussion on Snap's vision, user engagement and product initiatives. During the call's introduction, Spiegel only spoke for a few minutes -- fewer than any of the other executives -- and focused mostly on short-term strategies, said Eric Kim, managing partner at venture capitalist firm Goodwater Capital. Wells Fargo analyst Peter Stabler echoed that notion, saying that Spiegel's prepared remarks were "notably brief," providing little information on Snap's corporate mission, core beliefs or "over-the-horizon" vision for the company.
Once the Q&A session began, however, Kim noted that Spiegel seemed to loosen up.
"He was on the call and answered every question. That's really all you can ask for in terms of a public CEO's first quarterly earnings," Kim added. "That said, there were a couple of things we were hoping for that we didn't quite see. I think articulating, given how strong Facebook's aggressive tactics have been to topping Snapchat, what are the countermeasures going to be from Snapchat to protect its core product Stories."