snap inc SNAP Shares traded 30% lower on Friday after the company disappointed Wall Street with its figures for the third quarter.

On Thursday, Snap reported adjusted earnings per share of 8 cents for the third quarter, beating analysts’ estimates of a balanced quarter. Snap’s revenue of $1.13 billion for the quarter fell short of consensus expectations of $1.14 billion. Revenue increased 6% year over year.

Snap reported 363 million global daily active users (DAUs), beating analyst estimates of 358.2 million. Snap didn’t provide an official guidance for the fourth quarter, but said revenue growth is likely to continue to slow.

Snap also approved a new $500 million stock repurchase program.

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Snap Execution Risk: Brian Nowak, an analyst at Morgan Stanley, said the bear fall may impact Snap.

“We are also concerned about the high execution risk for this ad platform, which is still undergoing management changes (with two key hires in North America and APAC that have not yet been made and/or announced) and potential distribution reorganization/restructuring. 23,” Nowak wrote.

Bank of America analyst Justin Post said the time spent on Snap content per US user fell 9%, a worrying trend for investors.

“Our thesis that Topline could pick up steam again in Q4 as measurement technology improves, IDFA compensations ease off and Spotlight ads spike doesn’t seem likely in the current environment,” Post wrote.

RBC Capital Markets analyst Brad Erickson said investors unfortunately got more of the same bad news from Snap in the third quarter.

“We remain on the sidelines as we have seen no evidence that the platform can drive differentiated conversion and enforce additional dollars,” Erickson wrote.

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Snap’s Impressive Commitment: JMP analyst Andrew Boone said competition and privacy are ongoing, but Snap’s commitment remains impressive.

“Although we recognize…